The pound euro (GBP/EUR) exchange rate is falling on Wednesday after gains yesterday.
The pound drifted higher in a quiet previous session. Today attention is shifting to UK services PMI data which is expected to fall to 53.7 in June from 55.2 in May. The data comes after UK manufacturing PMI fell to 46.5 earlier in the week.
The euro also awaits the services PMI which is expected to fall to 52.4 from 55.1.
Wholesale inflation data, PPI is also under the spotlight and is expected to fall -1.3% YoY. This could means that consumer prices could also fall further, easing pressure on the ECB to hike rates.