The latest survey of economists by Bloomberg showed that the Eurozone could enter a technical recession amid the deepening energy crisis and record-high inflation.
"The probability of output shrinking for two straight quarters has risen to 60% from 45% in a previous survey, and up from 20% before Russia invaded Ukraine."
"Inflation is now expected to average almost 8% in 2022 — about four times the European Central Bank’s goal — and 4% next year. Respondents still see it slowing to the 2% target in 2024, however."
"They see the ECB raising interest rates by a half-point in September — as it did in its initial move in July."
EUR/USD pares intraday losses near 1.0250, Fed Minutes, EU recession in focus