The pound euro (GBP/EUR) exchange rate is rising, recovering after yesterday’s losses.
The pound is rising after stronger-than-forecast service activity data helped calm yesterday’s worries over the state of the economy and the fiscal picture ahead of the Autumn Budget.
UK services PMIs rose to 54.2 in August up from 51.8 in July, reaching its highest level since April 2024. This was also higher than the preliminary reading of 53.6.
The EUR was slipping as data pointed to a stalled economy. Composite PMI data rose to 51 in August, up from 50.9 in July, marking a 12-month high but still indicating that growth was only modest.
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