The pound euro (GBP/EUR) exchange rate rises to €1.1750 after 4-days of losses.
The euro is falling after the PPI fell 1% Month over Month in April after falling -0.4% in April. Cooling PPI bodes well for cooling CPI further.
The data comes ahead of the ECB rate decision tomorrow, where the ECB is expected to cut rates.
The Eurozone composite PMI rose to 52.2 in May, up from 51.7 in April, but this was below the preliminary reading of 52.3.
The pound is rising despite UK services PMI falling in May to 52.9, down from 55 in April, an 11 month high. The data also showed that inflationary pressures eased to a 3-month low.
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