The pound euro exchange rate (GBP/EUR) is rising for a fourth day.
The euro is tumbling after eurozone PMI data raised alarms over the health of the economy. The composite PMI fell to 48.1, down from 50, marking the lowest level in 10 months. The data raises the likelihood of a 50 basis point rate cut in the December meeting.
The pound was rising modestly despite disappointing data. Retail sales fell -0.7% MoM. The services PMI also fell sharply to 49.9, below the 50 level that separates expansion from contraction.
The data points to the economy slowing ahead of the Labour government’s Budget.
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