The euro continues strengthen against the pound this morning but has weakened against the dollar, after a choppy week. This follows rising gas supply fears following further obstructions to eurozone gas supplies by Russia.
On Friday Russia extended their shutdown of gas supplies to Germany through its Nord stream 1 pipeline, which could further amplify the knock-on effects of the energy crisis this winter. French Finance Minister Bruno Le Maire said “it’s not a surprise” that the Nord stream gas pipeline was shut indefinitely, and that we need to be prepared for a “total halt in gas supplies from Russia.”
Lots of PMI data will be coming out of the eurozone today. As well as euro area S&P Global services PMI, Spain, Italy, France and Germany’s S&P Global Services PMI will all be released today.
