A summary on the euro from late last week (via INg):
Not many reasons to be cheerful (for now)
- euro seems unable to get any respite
- stream of weak EZ and German activity data
- another hit by the across the board downward revision of European Commission growth forecasts for major EZ countries
- Italy in particular ... 2019 growth forecast slashed to 0.2% (in turn suggesting renewed fiscal concerns ahead)
For the currency:
- With the current mild rebound in USD under way, we continue to look for lower EUR/USD … towards the 1.12 level
