Thursday June 15 2023
>Balance of Trade the Eurozone had a deficit of EUR 11.7 billion, which is less than expected. Imports fell by 11.9%, mainly due to lower purchases of raw materials and manufactured goods. Major trade partners like Russia, Norway, UK, Switzerland, China, and Turkey reduced their imports. Exports also decreased by 3.6%, with lower sales of raw materials and manufactured goods.
>The ECB raised the deposit facility rate by 25bps to 3.5% in its June 2023 meeting, the highest in 22 years, and in line with market expectations.
>Euro Area Interest Rate The European Central Bank (ECB) raised interest rates again, making it the eighth consecutive increase. Despite the recession and high inflation rates, the ECB aims to bring rates to their highest levels since the 2008 financial crisis. The ECB expects higher inflation and slightly lower growth. President Lagarde mentioned that more rate hikes are likely in July. The ECB has already increased rates by 400 basis points in the past year, the fastest rate hike in its history.
Friday June 16 2023
>Euro Area inflation Rate was confirmed at 6.1% in May 2023, still well above the ECB's 2.0% target. Energy prices decreased, and there was a slowdown in cost pressures for food, goods, and services. The core inflation rate, excluding
>Balance of Trade the Eurozone had a deficit of EUR 11.7 billion, which is less than expected. Imports fell by 11.9%, mainly due to lower purchases of raw materials and manufactured goods. Major trade partners like Russia, Norway, UK, Switzerland, China, and Turkey reduced their imports. Exports also decreased by 3.6%, with lower sales of raw materials and manufactured goods.
>The ECB raised the deposit facility rate by 25bps to 3.5% in its June 2023 meeting, the highest in 22 years, and in line with market expectations.
>Euro Area Interest Rate The European Central Bank (ECB) raised interest rates again, making it the eighth consecutive increase. Despite the recession and high inflation rates, the ECB aims to bring rates to their highest levels since the 2008 financial crisis. The ECB expects higher inflation and slightly lower growth. President Lagarde mentioned that more rate hikes are likely in July. The ECB has already increased rates by 400 basis points in the past year, the fastest rate hike in its history.
Friday June 16 2023
>Euro Area inflation Rate was confirmed at 6.1% in May 2023, still well above the ECB's 2.0% target. Energy prices decreased, and there was a slowdown in cost pressures for food, goods, and services. The core inflation rate, excluding