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The pound euro (GBP/EUR) is rising for a third straight day.

The pound is rising after a stronger-than-forecast services PMI, which unexpectedly rose to 53.8 in January, up from 53.4. The data highlights the ongoing recovery in the dominant sector in the UK economy.

The data could deter the BoE from cutting interest rates early in 2024.

The euro is falling after mixed PMI data. The manufacturing PMI rose to 46.6, up from 44.4. But the services PMI fell to 48.4 from 48.8. The level 50 separates expansion from contraction.

The ECB rate decision is due tomorrow, and the central bank is expected to leave rates unchanged.