The pound to euro exchange rate is 0.479% higher with 1 GBP = 1.1348 EUR, while the pound to dollar exchange rate is 0.080% lower with 1 GBP = 1.6230 USD. "There was no surprise month-end moves from the British Pound this time, yesterday’s session was a case of sideways trading among the majors, though the euro has weakened significantly this morning. Major news from the session saw some much needed positive data from the US economy in the form of Chicago PMI and factory orders data," says a note from UK money transfer company Caxton Fx. Today’s currency trading session brings the first instalment of the monthly UK purchase managers updates. Growth in the UK manufacturing sector is anticipated to have slowed further, which may well weigh on sterling today. However, the same is expected of the equivalent monthly figure from the US this afternoon. With regards to the euro exchange rate we note that PMI numbers are due across Europe with slight declines expected in general and risk appetite should respond accordingly. Elsewhere we note that risk currencies failed to rally on encouraging PMI from China; however and the dollar remained in demand, although price action was relatively subdued. Market focus remains on global data releases and investors will be encouraged by yesterdays US data, which generally surprised to the upside.

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