The pound euro (GBP/EUR) exchange rate is rising, recovering from earlier losses.
The pound fell immediately following the release of weaker-than-expected business activity data. The composite PMI fell to 48.2 in April, down from 51.5 in March.
This was the lowest level in two years as the first economic impact of Trump’s tariff chaos hit businesses.
The EUR is under pressure later in the day after eurozone PMI data showed that the region saw stagnant growth, falling to a 4-month low
The manufacturing PMI contracted at a slower pace, and services activity also fell into contraction.
The data comes after the ECB cut rates in April and could cut again in June.