The International Monetary Fund (IMF) said on Monday, in a piece prepared for the summit of G20 leaders in Indonesia, recent high-frequency indicators "confirm that the outlook is gloomier,", particularly in Europe.

Additional takeaways

“Recent purchasing manager indices that gauge manufacturing and services activity signaled weakness in most Group of 20 major economies.”

“Economic activity set to contract while inflation remained stubbornly high, citing tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine.”

Related reads

• EURUSD struggles around 1.0350 as Federal Reserve to continue with current rate hike pace
• Fed’s Daly: Fed faces tough task deciding when to stop raising rates