The pound euro (GBP/EUR) exchange rate is falling towards €1.1450.
The pound is falling after UK PMI data was revised lower, signaling stagnation. September’s services PMI dropped to 50.8 from 51.9, while the composite PMI slipped to 50.1 from 51, barely above contraction.
This follows a five-month low in manufacturing PMI, as momentum and confidence fade ahead of Chancellor Rachel Reeves’ November budget.
The euro is modestly higher as the eurozone services PMI rose to 51.3, with broad-based gains across Germany, Italy, and Spain.
The composite PMI was 51.2 in September, remaining in expansion territory across the quarter, which supported 0.4% quarterly growth.
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