The euro plummeted against the pound, dollar and most major currencies yesterday after Russia announced it was sanctioning 31 energy companies, including key suppliers of European gas. It has recovered a little strength this morning.
As a result, natural gas prices have spiked, something that could send the eurozone economy into recession later this year. This has subsequently thrown any potential interest rate hikes from the European Central Bank into jeopardy.
It was also revealed yesterday that Finland hopes to join Nato “without delay”. Russia has since responded saying it will be forced to take “retaliatory steps” over its neighbour’s decision.
In the data world, inflation rose year-on-year in France, as expected. While in Spain, inflation fell year-on-year, by more than expected.
