So called " wise men" panel of economic advisers now reporting 20 March
- 2017 GDP 1.4% vs 1.3% prev (1.7% WDA
- 2018 GDP 1.6% (1.6% WDA)
- CPI to jump to 2.2% vs 0.5% in 2016
- growth helped by robust labour market, positive outlook for global economy, higher state spending and ECB's "still extremely" expansionary mon pol
- ECB should start winding down its bond-buying programme "as soon as possible"
- Trump's protectionist stance poses threat to international trade system, global economy
Warnings on ECB mon pol and Trump's trade plan. No surprises there then.
- large current account surplus is not macroeconomic imbalance
- govt should make Germany more attractive for pvt investment to push down surplus
The "wise men" are recruited by/answerable to the govt.
EURUSD 1.0755 just off session lows as USD demand returns. EURGBP 0.8668 after holding 0.8660 on retreat from 0.8691 earlier.