The euro is down against the pound this morning, with manufacturing data from yesterday showing a continued decline, albeit at a slower pace than April. Nonetheless, as in the UK, economies reopening have helped to push business confidence to a three-month high.
The markets are largely optimistic about the European Commission’s proposed €750 billion bailout fund, but concerns remain over getting support from all member states, with some more traditionally ‘frugal’ countries less than keen. Nonetheless, with support from Germany and France, it seems to be in a strong position.
