The pound euro (GBP/EUR) exchange rate is falling after gains yesterday.
The pound is falling despite an upward revision to the service sector PMI to 50.9, as the dominant sector recovered from a contraction in April.
The composite PMI, a good gauge for business activity, was 50.3 in May, up from 49.4 in the preliminary estimate, as the mood improved following a US-UK trade agreement.
The EUR is rising even as data showed the eurozone economy stalled in May. The composite PMI fell to 50.2 in May, down from 50.4 in April.
The service sector contracted for the first time since November.