The euro’s advance on the US dollar has now extended into a third week, as it reaches its strongest for well over a month. There was also modest strengthening against the pound.
It’s a big week for data in the eurozone. That started yesterday with higher-than-expected inflation in Spain (8.5%) and Germany (7.9%), and continued this morning with inflation in France hitting 5.2% against an expectation of 4.9% and GDP shrinking in the first quarter of 2022 by 0.2%.
It all feeds into a theme of inflation leaping ahead as calls for faster rises in interest rates grow.
There will also be eurozone-wide inflation data later this morning.
