Euro Exchange Rate News The ZEW index of professional financial confidence slipped to –63 from –41.1 in September, although it’s a hair better than –63.9 in July. Bloomberg reports that economists had forecast a drop to only –51, so –63 is worse.
Market News reports that the Germany's leading economic research institutes cut their joint GDP forecast today from 1.4% to 0.2% for 2009. The 2008 forecast remains at 1.8%. Germany is on the brink of recession, they say, expecting a contraction of 0.7% in the first half of next year. They still say, all these years later, that private domestic consumption will pick up.
Separately, ECB official Stark told the press that inflation in the eurozone will fall to the ECB target of 2% by the second half of next year. Slowing economies and falling oil will help. Does this mean the ECB can cut again? Yes, although we are not yet to the point of forecasting it for the Nov 6 policy meeting.
Bye For Now
Barbara Rockefeller - Forex Trading Reports
Buy Euros, Pounds to Euros at the Best Euro Exchange Rate - IMS Foreign Exchange
Market News reports that the Germany's leading economic research institutes cut their joint GDP forecast today from 1.4% to 0.2% for 2009. The 2008 forecast remains at 1.8%. Germany is on the brink of recession, they say, expecting a contraction of 0.7% in the first half of next year. They still say, all these years later, that private domestic consumption will pick up.
Separately, ECB official Stark told the press that inflation in the eurozone will fall to the ECB target of 2% by the second half of next year. Slowing economies and falling oil will help. Does this mean the ECB can cut again? Yes, although we are not yet to the point of forecasting it for the Nov 6 policy meeting.
Bye For Now
Barbara Rockefeller - Forex Trading Reports
Buy Euros, Pounds to Euros at the Best Euro Exchange Rate - IMS Foreign Exchange
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