Euro ended last week down against the pound, after German factory orders came in much worse than expected. Italian retail sales were also shown to have declined year-on-year in figures for April. German industrial production this morning also showed a decline.
Little progress has been made on the Brexit trade talks, according to Michel Barnier. Competition rules, fishing and security cooperation continue to be sticking points, although some observers say there could be a softening of rules on state aid and fishing.
The euro had previously been given a boost last week by the ECB’s announcement of an expansion of its asset-buying programme, and an unexpected extension until summer 2021.
