The EUR/GBP exchange rate remained steady today following the release of the latest PMI data from the UK and Eurozone. Currently trading at around €0.8616, the exchange rate has seen little movement since the morning.
The Euro showed mixed results in the PMI data, with the services sector performing better than expected while manufacturing figures fell below predictions. Despite this, the Euro struggled to make significant gains today.
On the other hand, the Pound saw support from the UK’s strong services PMI reading, which surpassed expectations. While the manufacturing sector lagged behind, the overall business growth in the UK economy is on the rise.
Looking ahead, the focus will be on data releases from Germany, the largest economy in the Eurozone. Changes in business climate and confidence in Germany could impact the EUR exchange rates for the rest of the week. Meanwhile, the Pound may trade without a clear direction due to a lack of significant UK data.
Overall, the EUR/GBP exchange rate is expected to be influenced by economic data releases in the coming days, with potential movements depending on the performance of key sectors in both the Eurozone and the UK.