The euro has strengthened slightly against the dollar but remains pressured amid a cautious market mood.
Markets continue to express concerns following news that Russia has halted gas supplies to Poland and Bulgaria. There are reports that some European energy companies have agreed to pay Russia in roubles. This would likely be a violation of sanctions and could cause friction between these companies and their governments, potentially weakening the euro further.
In France, GDP was unchanged in the first quarter of the year as the economy ground to a halt. This 0% growth was below market expectations of 0.3%.
Today is a busy day for eurozone data with GDP figures for Spain, Germany, Italy and the eurozone due. We will also see eurozone inflation figures which could impact the single currency.
