April 7, 2021 - Written by John Cameron
GBP/EUR Exchange Rate Sinks as UK Markets Become Increasingly Cautious
The Pound Euro (GBP/EUR) exchange rate fell by -0.8% today after the UK’s Services PMI for March was revised lower due to a decrease in business activity. The pairing is currently fluctuating around €1.15.
Tim Moore, Economics Director at IHS Markit, commented on the data:
‘UK service providers were back in expansion mode in March as confidence in the roadmap for easing lockdown restrictions provided a strong uplift to new orders. Total business activity increased at the fastest rate since August 2020 and this return to growth ended a four-month sequence of decline.’