Yesterday, the euro weakened against the pound, while strengthening against the dollar following the US GDP data.
As Russia continues to squeeze on gas supplies, the threat of recession is looming for the eurozone, however, this morning’s results for France and Italy have been a cause for optimism.
However, consumer optimism is at historic lows. Spain’s business confidence fell 5.2 against an expected drop of 0.6, while the overall eurozone consumer confidence reading hit a record breaking low of -27, reiterating the rising fears of recession among European consumers.
