Euro
area economic sentiment for June climbed to the highest level since March, as
the removal of the lockdown restrictions helped the index to recover.

The
European Commission’s economic sentiment index soared from 67.5 in May to 75.7
in June, marking the highest level since the eruption of the pandemic in Europe
in March
. However, the reading is still weak compared to February’s
level of 103.4.

Consumer
confidence up and all business sectors increased, raising hopes that the return
of confidence could be the beginning of a V-Shaped recovery.

Industrial
sentiment rose from -27.5 to -21.7, while confidence in the service sector
ascended from -43.6 to -35.6.

As
of 10:55 GMT, the euro strengthened versus the U.S. dollar at 1.1284, set for
its first daily gain in four sessions, following its lock to a weekly gain last
week.

Meanwhile,
there are lingering concerns from the United States after the re-imposition of
lockdown restrictions from the States of Texas, Florida and Arizona.

Later in the week,
the eurozone will release its final manufacturing and services PMI data for
June, which will provide clues about the health of the economy after the end of
the second quarter.

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