Europe keeps marching on without Britain
The title is a bit over the top because the EU has yet to find its economic rhythm, since it lost it on the 2008 GFC (global financial crisis). Still, it´s dragging itself along with the enormous efforts from the ECB, unlike Britain. Well, let´s leave Britain alone in its misery for a moment and focus on Europe.
The German GDP for the Q2 (second quarter) increased by 0.4%, beating the analysts´ consensus, who were expecting it at 0.2%. The CPI (consumer inflation) numbers showed that the inflation grew by 0.3% in July. It is not a great number but it looks great if you compare it to the inflation numbers we were getting from Germany and the rest of the EU several months ago. Remember that inflation is one of the two key factors for any central bank monetary policy.
The French employment sector is doing ok too, as the non-farm payrolls (new job openings) increased by 0.2%. Again, it´s not great but you can chew on it. The Italians on the other hand, are not doing that good. The Italian GDP numbers were just published and they show that the Italian economy remained stagnant for the Q2. So, it is a mixed bag, but slightly leaning on the positive side after all. The ECB monetary stimulus package it´s yet to show its effect on the real Europen economy. EUR/USD caught a few bids after the better German GDP numbers but it doesn´t seem to be going anywhere in a rush.
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