The euro has weakened since the beginning of the week due to news of increased sanctions on Russia and the ongoing war.
As the war continues, the risk of a recession in Europe grows stronger and it could be said that the European Central Bank are under pressure to introduce further measures to avoid this. Three ECB officials are due to speak today, including President Christine Lagarde.
Data released this morning shows that factory orders in Germany declined 2.2% month-on-month in February, much worse than market forecasts of a 0.2% drop.
