GBP/EUR: Brexit Nerves Weigh On Pound

The pound euro (GBP/EUR) exchange rate is rising after losses yesterday.

The pound is supported by an upward revision to the composite and services PMI, suggesting that business activity grew at a faster pace in February.

BoE’s Chief economist Huw Pill’s hawkish commentary also lifted the pound.

There is no further UK economic data today. BoE’s Hauser is due to speak.

The euro is struggling after the composite PMI was downwardly revised to 52 from 52.3, but was still up from January’s 50.8.

Yesterday eurozone CPI data showed that inflation cooled by less than forecast at 8.5% YoY down from 8.6%.