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Previous Eurozone CPI forecast might be revised down – Investec

FXStreet (Barcelona) - The Investec team note that the previously forecast Eurozone CPI for 2014 and 2015 is likely to be revised with the recent revisions from the IMF and EU commission.

Key Quotes

“The OECD Economic outlook, released at 10am, could attract some interest in FX markets this morning with forecasts are expected to be updated from the last edition in May.”

“Eurozone CPI was previously forecast at 0.69% for 2014 and 1.13% for 2015, but this looks likely to be revised down in line with recent revisions from the IMF and the EU Commission. The market may use this as a guide for what to expect in next week’s update to the ECB staff projections and the key risk for clients holding EUR is of a major downward revision, which could weigh on single currency.”

“From a GBP perspective the market will be watching for any revisions down to the OECD existing bullish UK growth predictions.”

“From the US, at 13:30 we have the second estimate of US Q3 GDP. A marginal downward revision is expected and, in the absence of a significant divergence from expectation, we don’t anticipate any big market moves as a result of this release.”

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