The pound euro (GBP/USD) exchange rate is rising, rebounding from losses last week.
The euro has dropped sharply after weaker than expected eurozone PMI data. The manufacturing PMI dropped to 42.7 from 43.4. In Germany manufacturing activity contracted to 38.8 raising concerns of a deeper contraction in the region.
The data comes ahead of the ECB rate decision later this week. The ECB are expected to hike rates by 25 basis points.
The pound is awaiting UK PMI data which is expected to show that service sector activity grew at a slower pace.
The data comes after UK inflation data last week slowed by more than expected seeing the market rein in expectations of a 50 basis point hike in August.
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