The pound euro (GBP/EUR) exchange rate is rising for a second day.
The pound rises despite UK manufacturing PMI remaining well below 50 at 44.8, a downward revision from the preliminary 45.2 figure. The manufacturing sector remains a drag on the economy.
The BoE interest rate decision is in focus and the BoE could keep rates on hold but reiterate that rates will need to stay high for longer.
The euro fell yesterday after eurozone data and is extending that loss today. Eurozone GDP contracted -0.1% QoQ in Q3 and inflation cooled to 2.9%, more than expected raising bets that the ECB could cut rates sooner.
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