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Euro rises after economic growth forecast revised higher
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10 November 2017
Senior Market Analyst at Ebury. Providing expert currency analysis so small and mid-sized businesses can effectively navigate international markets.
The Euro was back on the front foot on Thursday after the latest set of economic growth forecasts from the European Commission suggested that the Euro-area economy is on course to expand at its fastest pace in a decade in 2017.
The common currency rose to its highest level in almost a week on Thursday, although with significant market moving news few and far between in the past few days, the Euro has remained mostly stuck in a range. Economic news is light again on Friday with no significant data releases in either the US or Eurozone. Investors will already be gearing up for a much more action packed week next week with US inflation, retail sales and Eurozone inflation all on the docket.
Meanwhile, continued scepticism surrounding Donald Trump’s proposed tax cuts and its potential impact on the US economy continued to weigh on the greenback. A US Senate tax cut bill was announced yesterday, one which differed from the House of Representatives, complicating the Republican tax overhaul efforts.
Cabinet reshuffle weighs on Sterling
Uncertainty in Theresa May’s government following the departure of two members of the Prime Minister’s Cabinet in as many weeks weighed on the Pound yesterday.
Sterling ended the session lower against both the US Dollar and Euro, with the appointment of Penny Mordaunt as International Development Secretary following the resignation of Priti Patel raising questions marks over the solidarity of Britain’s government ahead of a crucial round of Brexit talks.
Economic growth forecasts for the UK from the European Commission were also underwhelming yesterday and did little to improve sentiment towards the currency. The EC expects the UK to expand by a fairly meagre 1.5% this year and 1.3% in 2018.
Industrial and manufacturing production data this morning has the potential to shift the Pound if it materially deviates from consensus. Industrial and manufacturing output are both forecast to have expanded again in September by 0.3% when released at 9:30 UK time.
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