Mario Draghi was right in keeping inflation expectations low
Mario Draghi was right in keeping inflation expectations low
Eurozone economy grows at double the pace of the UK in second quarter
01 August, 2017, 22:55
Strategists at Morgan Stanley cautioned that a 10 percent rise in the euro could knock 5 to 8 percent off Euro zone earnings and shave about 0.7 percentage points off regional GDP growth a year later as exports fall.
The single currency zone has now seen 17 successive quarters of growth.
"The global economy has been a jumbo jet running on just one engine for the last five, six years, the USA, but now it seems there's more from the euro zone as well, with encouraging signs from Asia too", said James Knightley, chief worldwide economist at ING.
Eurozone GDP numbers this morning are expected to show that the economy in the currency bloc expanded 0.6% in the three months to June. The price of services rose 1.5 per cent and industrial goods only 0.5 per cent.
Last week's return to worldwide bond markets by Greece, the Eurozone's basket case economy, has added to the feeling of rebounding optimism.
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The committee was divided at its last meeting, with three members wanting to increase borrowing costs to curb inflation while the other five preferred to keep them on hold to shore up growth and employment. The lowest rate was observed in Germany while the highest was recorded in Greece.
The euro EUR= has rallied more than 12 percent year to date and is holding at two-and-a-half year peaks.
Among the clearest signs of a rebound has been the euro's pick-up to around $1.17, from $1.05 at the start of the year. "It would bring the rate in line with our estimate of fair value and in all likelihood the market will overshoot".
Policymakers are gearing up for an autumn debate on future European Central Bank policy.
But a jump in inflation, stemming from the 13 per cent slump in the value of the pound in the wake of the referendum, has dampened consumer spending this year, and pushed the UK's growth rate to the lowest of the G7 club of large and developed economies.
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