The euro is slightly stronger against the pound and the dollar following PMI data for the eurozone and an improving market mood.
The data met market expectations but revealed that both the manufacturing industry and the service industry contracted in March as the conflict in Ukraine continues to hit the eurozone economy.
Later today, we will see the Ifo Business Climate Index for Germany which shows how business owners feel about the current business situation, as well as their predictions for the next six months. The figures are expected to show a decrease.
At the EU summit yesterday, several EU leaders discussed the possibility of energy sanctions on Russia. Latvian Prime Minister Arturs Krišjānis Kariņš said, “energy sanctions immediately are a way to stop money flowing into Putin’s coffers,” adding that, “every day that we delay sanctioning Russia’s economy, Russia maintains the ability to feed its military machine.”
