The pound euro (GBP/EUR) exchange rate is rising towards €1.20, at its highest level in almost 2.5 years.
The pound is rising after UK PMI data suggest the country is heading towards a soft landing. The Composite PMI, a gauge for business activity, eased to 52.9, down from 53.8. This is weaker than expected but in line with 0.3% GDP growth QoQ.
Meanwhile service sector inflation cooled to its lowest level since February 2021.
The euro is tumbling after eurozone business activity contracted in September. The composite PMI fell to 48.9 from 51 in August, raising concerns of a recession in the region.
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