After a dismal week last week, the euro has strengthened slightly this morning ahead of PMI data.
Gas threats from Russia remain in the eurozone, weighing heavily on the euro. “A complete shutdown of gas supply from Russia to the EU now looking much more likely,” said one economist.
German retail sales data slumped in June and fell a whopping 7.7% compared to this time last year. A series of PMI figures are being released this morning which could support the euro.
Also this morning, we will see unemployment figures for the eurozone. Other key releases of interest this week are German balance of trade figures and retail sales figures for the eurozone on Wednesday and the European Central Bank economic bulletin on Thursday.
