gbp-british-pound-coins - GBP

The pound euro (GBP/EUR) exchange rate ticks higher after 6-days of losses.

The pound is rising after the services PMI remained strong at 54.3 in February, defying expectations of a fall to 54.1.

The composite PMI rose to 53.3, up from 52.9 in January, suggesting that the UK recession is already over.

The euro is showing resilience after the services PMI rose to 50, up from 48.4 and ahead of 48.8. Manufacturing PMI fell by more than forecast at 46.1 from 46,6.

Eurozone inflation was confirmed at 3.3% YoY in line with the preliminary reading.

The minutes to the ECB meeting will be released shortly.