The pound euro (GBP/EUR) exchange rate is rising, recovering from a multi-year low.
The pound is rising after UK services sector PMI rose to 52.3 in October from 50.8, signaling solid growth ahead of the chancellor’s budget.
The composite PMI also rose to 52.2, reflecting resilient demand and stabilising labour conditions. The Bank of England is expected to hold rates at 4% tomorrow.
The euro is falling despite the eurozone composite PMI reaching a two-year high of 52.5, driven by strong gains in Spain and Germany.
France remains the only major economy in contraction, highlighting regional divergence in growth momentum.