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.