• 2024 global growth forecast seen at 2.9% (previously 2.7%)
• 2024 US growth forecast seen at 2.1% (previously 1.5%)
• 2025 US growth forecast seen at 1.7% (unchanged)
• 2024 Eurozone growth forecast seen at 0.6% (previously 0.9%)
• 2025 Eurozone growth forecast seen at 1.3% (previously 1.5%)
• 2024 UK growth forecast seen at 0.7% (unchanged)
• 2025 UK growth forecast seen at 1.2% (unchanged)

Of note, they also left the China growth forecast unchanged for 2024 and 2025, seen at 4.7% and 4.2% respectively. OECD also adds that if the Red Sea situation persists, that could add 0.4% to CPI in a year’s time.

This article was written by Justin Low at www.forexlive.com.

• Prior -0.3%

On the year itself, producer prices declined by nearly 9% but it owes largely to a drop in energy prices i.e. base effects. Looking at the details, only the prices for intermediate goods (-4.9%) declined alongside energy prices (-27.5%) last year. Instead, price increases were recorded for capital goods (+2.8%), durable consumer goods (+3.0%), and non-durable consumer goods (+3.2%).

This article was written by Justin Low at www.forexlive.com.

• Prior -15.8
• Expectations -5.5
• Prior -8.8

Eurozone investor morale rises for a fourth straight month to its highest since last April. The expectations index also improved for a fifth straight month to its best since February last year. While the recovery process is slowly gathering pace, Germany remains in a „precarious“ situation according to Sentix.

This article was written by Justin Low at www.forexlive.com.