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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Market Analysis
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.