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GDP growth for G20 likely to slow to 2.7% this year

Wednesday, Aug 19 2015
With no major data releases from Eurozone today, markets are focused on global concerns. Recent Moody’s forecasts GDP growth for the G20 to slow to 2.7% this year, down from 2.9% in 2014. The agency is expecting only a slight pickup to 3% growth in 2016, according to its latest quarterly global outlook, which feeds into its ratings on countries’ sovereign debts. The recovery in the US and, to a lesser extent, the euro area and Japan, will be offset by the ongoing slowdown in China.
 
As for Eurozone, economic growth in Germany is set to be “solid” in the second half of the year, the country’s central bank has said. The Bundesbank said growth in the country would be boosted by both external and domestic demand. Last week, Germany, Europe’s largest economy, reported that its economy grew 0.4% in the three months to June.
 
However, the Bundesbank noted that the China’s slowdown could add to uncertainty over growth prospects for the global economy. In its monthly report, the Bundesbank said that Germany would benefit from increases in real earnings domestically, as well as economic recovery in the eurozone.
 
Euro is currently being traded around 1.1060 area. Pair is likely to find support around 1.10 level and resistance above 1.1130 area. Later today, in the US session, CPI figures and FOMC Meeting Minutes are scheduled for a release.
More in this category: « Aussie lower as Shanghai share market falls Sterling higher as markets weigh on inflation data »

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