The pound-euro (GBP/EUR) exchange rate is rising, snapping a four-day losing streak.
The pound is rising after November’s services PMI was revised up to 51.3, though it remains below October’s 52.3. Budget uncertainty led firms to delay investment, weighing on confidence, while hiring fell at the fastest pace in nine months and price growth slowed to a four-year low.
Markets still see an 80% chance of a December BoE rate cut.
The euro is weaker despite eurozone business activity hitting a 30-month high, with the composite PMI at 52.8 and services at 53.6. Strength in the service sector offset weakness in manufacturing.
ECB President Christine Lagarde signalled the ECB is unlikely to cut rates again soon