Pound Dives Versus Australian Dollar Ahead of BoE Rate Decision

The Pound Euro (GBP/EUR) exchange rate is treading water on Thursday, after gains in the previous session.

The Pound pushed higher following an upward revision to the service sector PMI to 59.1, up from 55.4 in September.

All eyes are on the BoE today. The market is fully pricing in an interest rate hike. Although analysts are less certain.

The Euro came under pressure on Wednesday in a relatively quiet session, although the weaker US Dollar helped underpin the common currency.

Euro investors will look towards composite PMI data for September which analysts expect to ease slightly to 54.3 in October, down from 56.2