07 Sep, 2017
Morgan Analysts Boost Euro Forecast at $1.18 by 2017 Year-end
Wall Street’s sentiment on the currency bloc has shifted dramatically over the past few months. Its economy has outpaced developed-market rivals, like the US, this year, surprising many economists who were expecting weaker growth. Political headwinds have also eased, after last month’s election of Emmanuel Macron as French president and as German chancellor Angela Merkel has polled well ahead of an election there this autumn.
European Central Bank is going to begin tapering its vast bond-buying programe early next year. If that were the case, it could be supportive of higher rates, which is generally bullish for currencies.
The pound to end of the next year is expected to be at $1.24, down sharply from an earlier estimate of $1.45. The UK consumer may now slow down after a rapid rise in the past year, lower savings and weaker real income growth. UK company investment is also expected to be weak.
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