The economic forecasts released by the executive arm for the EU increased the UK’s growth projection from 1% to 1.5% for 2017, however its worth pointing out that’s still 0.5% lower than the 2% growth seen in 2016. The report was considerably positive for the Eurozone suggesting that for the first time in a decade, all the 19 economies that use the Euro are forecasted to grow in 2017 and 2018.
On the flip side, there was obvious concerns with regards to the number of key elections across member states coupled with uncertainty across global superpowers.
One of the key boosts expected in 2017 is the increase in inflation levels. The Eurozone has had 0% interest rates and a massive easing program helping the economy to improve. The European Commission Vice President suggested ECB policy makers should consider making changes as inflation sets to move and that keeping existing levels is not sustainable and potentially detrimental.
Whilst Francois Fillon’s challenge to become the French President lies in tatters former President Sarkozy could come to the rescue. Sarkozy who himself is facing a court case over campaign financing is going to meet with Fillon to discuss a deal. The Ex-President still holds significant influence within the conservative party and would like one of his main supporters to be guaranteed a position of importance if elected. Fillon has lost significant ground in the polls, however this could at least keep him in the race a little longer.
At lunchtime today the ECB Monetary Policy Meeting Accounts will be released providing an insight into the thoughts of the central Bank. There is significant volatility across the Eurozone economy with uncertainty growing. If you’re looking to complete a transfer with Euros I would consider getting in contact with your broker. When completing a £200,000 transfer a movement in the market of 1 cent equates to a difference of €2000.
Get in touch with your dedicated broker if you have an upcoming transfer, further movements are to be expected as we approach Brexit deadlines and elections in Europe. Call us on 01494 725 353 or email me here to learn more on how this could affect your requirements.
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