The euro is continuing to benefit from Brexit uncertainty keeping the pound low, as Boris Johnson said the 31st October deadline would be kept, ‘do or die, come what may’. German consumer confidence came in lower than expected, but, with Brexit pressure on the pound, this has little impact.
Later today, we will see French jobseekers figures, which are expected to show a slight rise.
Speculation continues about the creation of a ‘Eurozone budget’, as hinted by Mario Draghi last week. Currently only a ‘mini’ version of this is under consideration, taking into account just 0.1% of the single currency zone’s GDP. Whether this is expanded and taken forward to include a fiscal stability mechanism will largely fall to his successor.
