Euro is relatively steady this morning. Boris Johnson continues to look like the prime candidate in the Tory leadership race, which could spell volatility ahead – but was largely expected by the markets during yesterday’s ballot.
It has been a quiet week this week for economic releases. German wholesale prices showed a 1.6% growth, below the forecast of 2.8%. Next week will be busier, with EU wage growth and labour cost index released at 10:00am on Monday.
The EU is still considering its options on disciplinary action for Italy, but EU Economics Commissioner Piere Moscovici did say today that he remains ‘ready to avert’ measures if Rome does show willingness – including taking actual action – to bring its debt back in line with the bloc’s rules.
