The pound-euro (GBP/EUR) exchange rate is rising for a second day.
The minutes of the ECB July meeting showed that policymakers are open to cutting interest rates in September. The market is pricing in a 90% chance of a 25 basis point rate cut next month.
The PMI data showed that services received a boost from the Olympics. Service sector activity in France jumped. However, in Germany business activity data contracted for a second straight month.
The pound is rising after stronger-than-expected business activity. While private companies expanded at the fastest pace in 4 months, inflationary pressure also eased.
BoE governor Bailey is due to speak tomorrow.
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