eur-bank-notes-magnifying-glass - EUR

The pound euro (GBP/EUR) exchange rate is rising for a second straight day.

The euro trades under pressure as the energy crisis in the region deepens after Russia said it would cut supply via the Nord Stream 1 pipeline for 3 days.

Eurozone PMI data is due and is expected to show a deeper contraction in business activity with the composite PMI expected to fall to 48.8 in August down from 49.9.

The pound is rising against the euro but is weaker versus the USD as the UK economic outlook deteriorates.

UK PMI data is expected to show some resilience holding above the level 50 which separates expansion from contraction.