The pound euro (GBP/EUR) exchange rate is rising on Monday, adding to last week’s gains.
The pound is advancing after upbeat service sector data ahead of Chancellor Reeve’s Spring Statement.
UK services PMI rose to a 7-month high of 53.2 in March up from 51.0 in February. However, manufacturing slumped to an 18-month low at 44.6, down from 46.9.
The composite PMI rose to 52 up from 50.5 in Februay. The level 50 separates expansion from contraction.
The EUR is falling despite the eurozone manufacturing PMI returning to growth in March. The manufacturing PMI rose for the first time in two years. However, the services sector showed signs of stagnation.