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Eurozone: the portfolio investment outflows accelerate

The portfolio investment outflows from the Eurozone accounted for € 118 bn in April alone. This is the most  important monthly figure for more than 15 years. These outflows concern mainly bonds: Eurozone residents invest heavily abroad to find yield while non-Eurozone residents sell progressively their Eurozone exposure to avoid negative yields. Over the last 12 months, portfolio investment outflows from the Eurozone accounted for 575 bn, i.e. far more than the current account surplus of 331 bn, that reached itself an all-time high. This trend should not stop soon and should maintain a downward pressure on the euro for some time.

Graph_Eurozone-balance-of-payment
Bastien DRUT, Strategy and Economic Research at Amundi
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Eurozone: the portfolio investment outflows accelerate
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