The pound euro (GBP/EUR) exchange rate is rising, recouping losses from yesterday and reaching €1.15.
The pound has been boosted by stronger-than-expected service sector PMI data, which showed that activity unexpectedly expanded in November at 50.5, up from 49.5 in October. The data suggests that the economy could be finding its feet as interest rate increases stopped
Meanwhile, the euro trades under pressure after PMI data showed a slower-than-expected contraction in both manufacturing and services.
The minutes of the October ECB meeting confirmed the central bank’s more cautious take on growth.
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