14 March, 2019
The Euro bounced back against the pound today after the pair crashed to a 16-month low yesterday following the UK parliamentary vote yesterday rejecting a no deal Brexit. The substantial move in the pound had a secondary effect on the common currency as well. In the Eurozone concerns about the German economy are present, but are not new. The German economy ministry today said that 2019 saw a slow start due to external factors, but that the continent's powerhouse continued enjoying growth. The respected IFO Think-Tank slashed its 2019 GDP growth forecast to 0.6% from 1.1% beforehand, but see a rebound with 1.8% in 2020. Later today, GBP is expected to remain in centre stage, as the House of Commons will vote on an extension of Article 50. The broad consensus sees the motion to pass by ample margin, which should allow negotiators to buy extra time to eventually clinch a deal.