The pound euro exchange rate (GBP/EUR) is holding steady after small losses yesterday.
The pound is flat after mixed data. House prices unexpectedly fell in April for a second straight month, highlighting the fragility of the housing market recovery while interest rates are still high.
The manufacturing PMI was upwardly revised to 49.1 up from 48.7 in the preliminary reading. This was still down from 50.3 in March.
The euro is holding steady in quiet trade, given the Labour Day public holiday. No major economic data is released from the region today.
The ECB is expected to cut rates in June as inflation cooled to 2.4% in March.
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