Analysts at Scotiabank explained that Eurozone growth is expected to be 2.3% this year, according to a Bloomberg survey of economists, down a 0.1 ppt from the previous forecast and the first growth downgrade in more than a year.
"The broader contours of the forecast survey are little changed (inflation at 1.5% this year and next, shy of the ECB’s target in other words, and no change in ECB rate policy until 2019)."
"We still think the EUR is attractive for international asset allocators who remain underexposed to the EUR while a persistently positive balance of payments position argues for some modest EUR appreciation at least in the longer run."
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