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In 2018, French economic surge is expected to speed down amid a strengthening common currency, higher crude prices as well as uncertainty as for protectionism. That’s what the INSEE stats agency predicted on Tuesday.
To be exact, French surge is expected to speed down to about 1.7% having reached a decade maximum of 2.3% the previous year, according to INSEE’s quarterly economic outlook.
Just like other euro zone countries, France also saw surge speeding down abruptly in the first quarter after a powerful end to last year because crude rallied 23% and the common currency managed to leap versus the greenback, making the bloc's exports more costly.
Unlike other euro zone nations, leaps in several taxes put pressure on consumer spending in France in the beginning of 2018, while Airbus deliveries slumped after an end of year jump.
After quarterly surge of only 0.2% for the first three months, it was caught soaring to just 0.3% in the second quarter because rails along with strikes eat up 0.1% of surge.
INSEE predicted the rate would get to 0.4% percent for the third as well as fourth quarters.
Over the course of 2018, business investment was considered to be the key driver of surge notwithstanding the soaring specter of protectionism contributing to uncertainty.
Nevertheless, the tempo of job creation was caught speeding down to 183,000 in 2018 versus 340,000, bringing unemployment down 0.2% to an outcome of 8.8% by the end of 2018.
With the labor market getting better, consumer spending ascended 1% in 2018, just marginally slower than in 2017, while higher inflation was anticipated to affect households' purchasing power.
Underpinned by higher energy prices, inflation managed to rally to up to 2.3% in 2018 before diving to about 1.7% by the end of 2018.
The risk sentiment remains under pressure after the comments by China about the countermeasures against the US tariffs. Thus, the AUD/USD and the USD/JPY pairs will be under our attention.
During the European trading session, both the US and the UK yield curves inverted.
Levels for Wednesday's trading
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