The pound-euro (GBP/EUR) exchange rate is falling from a 5-month high.
The pound is weakening as risk sentiment deteriorates and UK business activity data is revised lower
UK services PMI for January was revised down to 54, with employment falling at the fastest pace in 16 years as firms favour automation over hiring. Attention now turns to the Bank of England’s decision, with rates expected to remain unchanged.
The euro gains against sterling but slips versus the dollar after eurozone inflation cooled more than expected to 1.7% YoY, down from 1.9% in December.
The data comes ahead of tomorrow’s ECB rate decision, where the central bank is expected to leave rates unchanged.
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