Euro Loses Ground Against Pound Amid PMI Strength
The Euro (EUR) has fallen against the British Pound (GBP), trading in the mid-0.8500s on Friday.
Despite strong Purchasing Managers Indexes (PMIs) from both sides of the cross, the reaction was muted due to the data being good for both currencies.
The Eurozone composite PMI rose to a nine-month high, with Manufacturing hitting its highest level in over four years. However, German Services slipped back below the 50 line that separates growth from contraction, keeping the Euro's read mixed.
In the UK, the composite also beat expectations, driven by Services, while Manufacturing eased broadly in line. Weaker-than-expected UK Retail Sales did little to dent Sterling.
Iranian President Masoud Pezeshkian signaled de-escalation, stating that Iran wants to end its conflict with the US from a position of strength.