The pound euro (GBP/EUR) exchange rate is holding steady after gains yesterday.
The euro fell sharply after data highlighted the slowing economic growth in the region. The composite PMI fell to 48.9 in July from 49.9 in June. The manufacturing sector was particularly hard hit.
German IFO economic sentiment is due today and is expected to ease to 88 from 88.6.
The pound rose versus the euro but fell versus the USD after data showed that business activity growth slowed to the weakest level in 6 months as rate hikes weigh.
New orders for businesses stagnated amid rising interest rate and high inflation.
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