The pound euro (GBP/EUR) exchange rate is falling below €1.1750.
The euro has risen after the ECB cut interest rates by 25 basis points in line with expectations and the first cut since 2019.
The central bank is not pre-committing to any path for interest rates, which has helped to support the EUR.
The pound is falling despite UK construction activity reaching a 2-year high in May. The construction PMI reached 54.7 up from 53 in April.
However, the Composite PMI released earlier in the week, which is a good gauge for business activity fell slightly due to weaker growth in the services sector.
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