RBC on the Eurozone PMIs

The signal from the PMIs that the euro area’s recent improved growth performance is set to continue into the second half of the year will be welcomed by the ECB. However, the most recent staff forecasts were already forecasting growth of 0.5% in Q3 so today’s release shouldn’t radically change their thinking ahead of their next meeting and an announcement that QE will be extended into next year but with some tapering/reduction of purchases still looks the most likely outcome on September 7th, in our view.

23 Aug 2017 - 11:49- Fixed IncomeEconomic Commentary- Source: RBC

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