The pound euro (GBP/EUR) exchange rate is unchanged below €1.17.
The euro is steady despite an upward revision to the services PMI to 50.2 in February, up from 50 in the preliminary reading and 48.4 in January.
Meanwhile, wholesale inflation (PPI) cooled by more than expected, dropping -0.9% MoM in January after falling -0.8% in December. This bodes well for a continued fall in CPI inflation.
The pound is holding steady despite the UK services PMI being downwardly revised to 53.8, down from 54.3.
Attention now turns to the UK Budget tomorrow where the Chancellor could unviel tax cuts ahead of a probable 2024 election.
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