The pound euro (GBP/EUR) exchange rate is falling, dropping below €1.19.
The euro is soaring after Trump’s tariff announcements, which provoked a sell-off in the USD and US stocks. The euro benefitted from USD weakness despite 20% trade tariffs being placed on the European Union.
Eurozone services PMI rose to a 2-month high.
The pound is falling against the EUR but rising against the USD after Trump’s tariffs. The UK has been hit with a 10% trade tariff, which PM Starmer still hoping that a trade deal will be reached sonner rather than later.
UK services’ PMI rose to 52.5 from 51.00.