020 7898 0500The euro traded on the side lines yesterday in the absence of any key data releases, but strengthened against the US dollar and euro.
The main news from Europe was from the meeting between European Council President Donald Tusk, European Commission President Jean-Claude Juncker and Chinese Premier Li Keqiang in Beijing. The EU and China issued a joint statement in which they confirmed their “commitment to deepening their partnership for peace, growth, reform and civilisation, based on the principles of mutual respect, trust, equality and mutual benefit”.
Yesterday, the IMF maintained its 2018 global growth forecast at 3.9%, but made cuts to the Euro forecasts due to negative surprises this year (cuts were also made to the UK Area and Japan). The IMF stated that the “risk of worse outcomes has increased” due to the “risk that current trade tensions escalate further”.
It is set to be another quiet day data wise in the Eurozone, with the focus mainly of the UK and US. The main news from Europe will be bond auctions from Germany and Spain, whilst we have some inflation data out of Italy.
