The euro weakened against other major currencies in the European session on Thursday, as Eurozone business activity unexpectedly slipped into contraction in April as a result of rising energy prices and falling services demand. The ongoing closure of the critical Strait of Hormuz, also led to the downturn of the currency.
In a significant escalation of the Middle East conflict, Iran seized two cargo ships seeking to exit the Gulf via the vital global oil route and warned that the U.S. and Israel will not achieve their goals "through bullying."
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Forex News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.