The European Central Bank raised interest rates by 75 basis points yesterday – the largest rise since the birth of the single currency.
The euro subsequently strengthened against most major currencies, including by over 1% against the US dollar. There was little overall movement against the pound.
Arguments between EU states are continuing over Brussel’s plans for a price cap solely on Russian gas. As many as 10 countries are saying it should be across the board to avoid retaliatory action from President Putin.
There are no significant data releases in the eurozone today, but Spanish industrial production has surged far ahead of expectations to 5.3% year on year.
