Moody's slashes UK and Eurozone growth following Brexit vote
Following the Brexit fallout, the US ratings agency, Moody’s Investors Service, lowered growth forecasts for the UK and Eurozone, citing crumbling confidence in the UK as the key reason.
Key Headlines:
UK GDP
2016 1.5% vs 1.8% prior
2017 1.2% vs 2.1% prior
Eurozone GDP
2016 1.5% vs 1.7% prior
2017 1.3% vs 1.6% prior
Reasons for the outlook downgrade:
Vote is likely to result in a shock to confidence that will curb UK economic growth
EZ cut reflects country specific developments combined with limited spillovers from Brexit
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
