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France’s budget offers no quick relief for bond markets
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France’s budget offers no quick relief for bond markets
The desk interprets France's recent budget announcement as insufficient to alleviate pressure on bond markets, with the projected public deficit for next year poised to hit 6.5% of GDP without significant corrective steps. This assessment aligns with concerns raised by analysts at Commerzbank and ING, who suggest that the fiscal measures outlined, while preventing a deeper deficit, fail to deliver stability to public debt levels or address slow revenue growth. The consensus target for EUR/USD remains at 1.17 with divergence in underlying forecasts, indicating a range of sentiment in the market landscape as we approach the end of the year.
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