Forex Trading Breaking News - EU Revises GDP Forecasts
Written September 10, 2008 at 5:10 AM EST by Greg Michalowski
The European Union lowered the 2008 GDP growth forecast to 1.3% from 1.7%, and advised of significant downgrades in 2009 on the growth front. The EU also raised it’s 2008 inflation forecast to 3.6% from 3.1%. These are very negative revisions from the Euros perspective, making it difficult to raise rates in order to curb inflation, because rate cuts are needed to sustain growth.
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