The pound euro (GBP/EUR) exchange rate is rising after two days of losses.

Stronger-than-expected business activity data are lifting the pound. The UK composite PMI rose 254 in April, up from 52.8 in March, thanks to strong expansion in the service sector. Meanwhile, manufacturing unexpectedly contracted again in April.

Meanwhile, eurozone business activity data also rose to an almost yearly high, with the composite PMI at 5451.4 this month, up from 50.3 in March. I’m going to head her forecast of 50.7.

As with the UK, the service sector helped to drive those gains while manufacturing unexpectedly slowed further.