The pound euro (GBP/EUR) exchange rate is rising, recovering from earlier losses.
The pound is pushing higher despite a downward revision to UK services PMI to 50.9 in January from the preliminary reading of 51.2.
The data showed that firms were cutting jobs at a faster pace ahead of April’s rise in employer taxes. However, price pressures remained strong, adding to sticky inflation concerns.
The EUR is falling amid ongoing worries over trade tariffs and despite the services PMI being downward revised to 51.3 from 51.4 and 51.6 in December. The sustained fall in new business growth suggests the growth is fragile.
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