Momentum Gathering in Europe

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The Euro area’s near-term Outlook appears bright, with the cyclical upswing ongoing and labour market slack also falling and a pick-up in inflation likely. Following the removal of a tail risk following Marine Le Pen’s defeat in the French elections, the Euro has performed well, with relatively attractive equity valuations encouraging portfolio inflows.

Financial integration across the Euro area is also on the up, with French president Emmanuel Macron proposing wide-reaching reforms which could significantly enhance the currency bloc’s long term stability.

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