The pound euro (GBP/EUR) exchange rate is falling after three days of gains.
The pound rose yesterday after a surprise jump in PMI data. The composite PMI rebounded above 50 to 53, its highest level in 9-months. Expectations had been for a rise to 48.7 from 48.5 in January.
There is no high impacting UK economic data today.
The euro fell yesterday after Putin supports escalation of the Ukraine war in an annual speech.
Data in the region was upbeat, but failed to lift the common currency. The eurozone PMI rose to 52.3, up from 50.3. German ZEW economic sentiment also beat forecasts.
Today German inflation data and IFO business climate data are in focus. Inflation is expected to cool and business sentiment rise.