The pound euro (GBP/EUR) exchange rate is falling after gains yesterday.
The pound is weakening after UK PMI data showed a sharp slowdown in economic activity, with services and composite readings falling to six-month lows.
The decline reflects weaker demand, supply disruptions, and heightened uncertainty from the Middle East conflict. At the same time, rising energy prices are driving inflation higher, adding stagflation concerns.
The EUR is rising despite weaker PMI data, which showed that growth has nearly stalled. The composite PMI fell to 50.5, a 10-month low, and input costs rose.
The data highlighted the stagflationary impact of soaring energy prices.
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