Forex
Pound-Euro Rate Remains Under Pressure as UK Services Slowdown Weighs on Sterling
The Pound-Euro exchange rate (GBP/EUR) remains under pressure after the release of the latest PMI results from the UK and Eurozone.
Despite a surprise rise in UK manufacturing activity, the services PMI revealed a deeper-than-forecast slowdown, which weighed on the Pound.
The services PMI rose to 53, beating forecasts, but this failed to lift the Euro meaningfully as it faced pressure from its strong negative correlation with the rising US Dollar (USD).