The EU and Italy once again collided yesterday, after Italy distanced themselves from the Eurozone Reform plan that both France and German have agreed to.
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The budget has been devised to focus on financing investment within the Eurozone, to help strengthen economies that are at risk to potential crises.
The pool of money would be created through taxation and from contributions from the nations involved. This is creating further tensions between the Italian Government and Brussels as the current Italian Government have vowed to end austerity, even it means defying Brussels.
This conflict is what is currently keeping the Euro’s value suppressed in my opinion and doesn’t seem to be going away. Later today we are expected to see a published article with the feedback from the revised budget proposal. Analysts’ aren’t expecting too much from the first revision which is likely to leave tensions treading further and could see the Euro weaken as a result. Today could be a key day to capitalise on if you are buying Euro’s especially with Sterling at present due to the immense pressure Sterling is under due to Brexit developments.
This week is a busy week for important Eurozone economic data. On Wednesday, the European Central Bank (ECB) will release the minutes from the last monetary policy meeting and will provide insight as to whether the ECB are thinking of winding down fiscal stimulus by the end of the year, and will look at interest rates around September 2019. The recent dip in economic growth has been noted by investors and should the Eurozone economy need to revise its strategy, I would expect the euro to weaken. Clients with an upcoming transfer should also pay attention to the Services PMI report on Thursday and consumer confidence as these figures will help to provide an insight into the health of the Eurozone’s economy.
Any deviation from expectations in these figures could create more of a headache for the ECB and likely weaken the euro further.
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