The pound euro (GBP/EUR) exchange rate is falling over 1% on Thursday.
The pound is slumping after BoE Governor Andrew Bailey hinted that the central bank may act more aggressively to cut interest rates if inflation data suggests so.
The market is now pricing a 90% chance of a November rate cut as investors reverse early bets that the BoE would be much slower to reduce rates.
The euro is rising against the pound but falling against the USD after the composite PMI was revised higher from the earlier reading of 48.9 to 49.6.
Eurozone PPI fell by less than expected at -2.3% YoY in August, from -2.2% in July.
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