The consumer confidence index in the euro zone went from -22.0 in April to -21.1 in May, according to the latest data published by the European Commission. This figure was slightly better than the expected small rise of -21.5, but still leaves the index near multi-year lows as EU consumers struggle amid rising energy-driven inflation, slowing economy and uncertainty due to the war that is being waged near its borders in Ukraine.
Despite economic weakness, ECB policymakers continue to signal their intention to start raising interest rates in July as inflation remains at multi-decade highs in the euro zone. The bank appears to have reached a consensus on ending the negative interest rate experiment.
Source: Fx Street
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