GBP/EUR: Gloomy Brexit News Weigh On Pound vs. Euro

The pound euro (GBP/EUR) exchange rate is rising for a second day on Wednesday, pushing towards €1.1750.

The pound pushed higher after UK government borrowing rose by less than expected. Borrowing was £4.3 billion, below the £5 billion expected.

Today attention turns to UK PMI data which is expected to show that services PMI will ease to 50.8 down from 51.5.

Eurozone PMI data is also due and is expected to show that business activity contracted with the composite PMI to fall to 48.5 from 48.6. Weaker business activity could raise recession fears.

Eurozone consumer confidence is expected to fall -14.3 from -15.1.