The pound euro exchange rate is edging lower for a second day, easing back from a three week high.

The pound is pausing for breath after a solid rise after the Chancellor Kwasi Kwarteng’s U-turn on the top rate tax cut and after he said that he will bring forward the plan to control UK debt.

Today UK services PMI data is expected to show that service sector activity grew at a slower pace in September.

The euro rose yesterday after PPI inflation jumped to 43.3, up from 38%. ECB’s Lagarde said that she was unsure that peak inflation had passed.

Eurozone services PMI data is expected to show a deeper contraction of 48.9.