The ECB yesterday published balance of payments data for the eurozone through August.

Goldman Sachs thinks that with all the focus on foreign inflows into the eurozone, a potentially more important thing is being overlooked: what eurozone residents are doing in terms of sending money abroad.

“The data through August show that these outflows are picking up steam, most likely as the ECB’s latest easing measures are pushing domestics to search for yield abroad,” Goldman Sachs wrote.

“We think these outflows still have lots of potential to pick up and see this dynamic as a key driver underlying our view for euro weakness over the medium term,” Goldman Sachs projects.

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