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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