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Photo by Jakub Zerdzicki on Unsplash" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/es/analisis-sectorial/inmobiliario/nuevas-previsiones-sector-inmobiliario-espanol-ciclo-alcista-se"><span property="schema:name">Nuevas previsiones para el sector inmobiliario espa帽ol: el ciclo alcista se afianza en 2025</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Econom铆a espa帽ola</div></div><div class="box_author_date box_ad box_with_image"><div class="field_author multiple"><div class="autor"><div about="/es/autor/judit-montoriol-garriga" class="author-complete-teaser"> <a href="/es/autor/judit-montoriol-garriga"><div class="field_fotografia field"><div class="field_media_image field"> <img src="/sites/default/files/styles/index_autor/public/content/image/2025/02/10/49/judit_montoriol.jpg?itok=RhQaXlrz" width="136" height="136" alt="Judit Montoriol Garriga" loading="lazy" typeof="foaf:Image" /></div></div><div class="author-info"><div class="nom"><div class="name field"> Judit Montoriol Garriga</div></div></div> </a></div></div></div><div class="created">3 de febrero de 2025</div></div></article></div></div></div></div></li><li class="menu-item menu-item--expanded"> <a href="/es/areas-geograficas" data-drupal-link-system-path="taxonomy/term/211">脕reas geogr谩ficas</a><div class="menu-desplegable menu_visual_1"><div class="container menu_visual_1"><div class="col-left"><div class="content-visual-menu"><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-0 menu-type-default"><ul class="menu menu-level-1"><li class="menu-item"> <a href="/es/areas-geograficas/espana" data-drupal-link-system-path="taxonomy/term/212">Espa帽a</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/es/areas-geograficas/portugal" data-drupal-link-system-path="taxonomy/term/213">Portugal</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/es/areas-geograficas/internacional" data-drupal-link-system-path="taxonomy/term/792">Internacional</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li><li class="menu-item"> <a href="/es/areas-geograficas" data-drupal-link-system-path="taxonomy/term/211">Ver todo sobre 脕reas geogr谩ficas</a><div class="menu_link_content menu-link-contentmain view-mode-default menu-dropdown menu-dropdown-1 menu-type-default"></div></li></ul></div></div></div><div class="js-view-dom-id-9584700084a01816cdfb2eb7df1d4753fdd80dc53cdb33d8971c047df5fad831 col-right"><div class="content-article-menu"> <article data-history-node-id="13204" role="article" about="/es/economia-y-mercados/mercado-laboral-y-demografia/estabilidad-del-empleo-mejora-espana" typeof="schema:Article" data-type="article"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/menu_destacado/public/content/image/2025/02/06/34529/mercado-laboral-trabajador-mostafa-mahmoudi-ojbjhppwpxe-unsplash.jpg?itok=IqV21FCy" width="400" height="200" alt="Trabajador midiendo una plancha de acero. Photo by Mostafa Mahmoudi on Unsplash" loading="lazy" typeof="foaf:Image" /></div></div><h2><a href="/es/economia-y-mercados/mercado-laboral-y-demografia/estabilidad-del-empleo-mejora-espana"><span property="schema:name">La estabilidad del empleo mejora en Espa帽a</span></a></h2><div class="category primary_color"><div class="field_seccion field"> Econom铆a espa帽ola</div></div><div class="box_author_date box_ad box_no_image"><div class="field_author multiple"><div class="autor"><div about="/es/autor/nuria-bustamante" class="author-name-teaser"><div class="nom"><a href="/es/autor/nuria-bustamante"><div class="name field"> Nuria Bustamante</div> </a></div></div></div><div class="autor"><div about="/es/autor/sergio-diaz" class="author-name-teaser"><div class="nom"><a href="/es/autor/sergio-diaz"><div class="name field"> Sergio D铆az</div> </a></div></div></div></div><div class="created">10 de febrero de 2025</div></div></article></div></div></div></div></li><li class="menu-item 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libra esterlina, yen japon茅s y yuan chino. 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Disponible en castellano.</p></div><form class="views-exposed-form" data-drupal-selector="views-exposed-form-lista-coleccion-vs03-flash-divisas-collection" action="/es/publications/flash-divisas" method="get" id="views-exposed-form-lista-coleccion-vs03-flash-divisas-collection" accept-charset="UTF-8"><div class="js-form-item form-item js-form-type-textfield form-item-search js-form-item-search"> <label for="edit-search">Fulltext search</label> <input data-drupal-selector="edit-search" type="text" id="edit-search" name="search" value="" size="30" maxlength="128" class="form-text" /></div><div class="js-form-item form-item js-form-type-textfield form-item-from js-form-item-from"> <label for="edit-from">From</label> <input data-drupal-selector="edit-from" type="text" id="edit-from" name="from" value="" size="30" maxlength="128" class="form-text" /></div><div class="js-form-item form-item js-form-type-textfield form-item-to js-form-item-to"> <label for="edit-to">To</label> <input data-drupal-selector="edit-to" type="text" id="edit-to" name="to" value="" size="30" maxlength="128" class="form-text" /></div><div class="form-actions"> <input data-drupal-selector="edit-submit-lista-coleccion-vs03-flash-divisas" type="submit" id="edit-submit-lista-coleccion-vs03-flash-divisas" value="Apply" class="button js-form-submit form-submit" /></div></form><div class="view view-eva view-lista-coleccion-vs03-flash-divisas view-id-lista_coleccion_vs03_flash_divisas view-display-id-highlighted js-view-dom-id-e51f832eceb43b3ff8349501cce5c44b812c807ed3c44baf874db16a19bb5230"><div class="views-field views-field-search-api-rendered-item"><span class="field-content"><article data-history-node-id="12161" role="article" about="/es/publicaciones/flash-divisas/eurgbp" class="destacado_lista_coleccion_vs03 content-header"><div class="info"><div class="category "> <a href="/es/tags/divisas" hreflang="es">Divisas</a></div><h2><a href="/es/publicaciones/flash-divisas/eurgbp"><span>EUR/GBP</span></a></h2><div class="body field"><p><span><span>Esperamos que la libra esterlina se mueva, en su cruce frente al euro, en un rango de 0,80-0,85 libras por euro en los pr贸ximos trimestres. Seg煤n los fundamentales macroecon贸micos, esperamos dos din谩micas diferenciadas: en los primeros trimestres de 2025 una depreciaci贸n inicial hacia 0,85. Posteriormente, hacia final de a帽o, y a medida que los niveles de inflaci贸n y tipos de inter茅s de ambas econom铆as converjan, deber铆amos ver una apreciaci贸n gradual hacia el l铆mite inferior del rango. Tanto las din谩micas inflacionistas como la incertidumbre fiscal brit谩nica complican que el Banco de Inglaterra pueda acometer bajadas de tipos al ritmo que esperamos que s铆 lo haga el BCE a principios de a帽o, aunque los riesgos de esta previsi贸n son elevados, toda vez que el Banco de Inglaterra tiene una mayor flexibilidad estatutaria que el BCE para sostener el crecimiento econ贸mico, y quiz谩s tambi茅n una mayor inclinaci贸n de sus responsables a hacerlo (hasta 2 de los 9 miembros del Comit茅 de Pol铆tica Monetaria votaron recortar hasta 50 p. b. la semana pasada).</span></span></p></div><div class="autor-fecha slash"><div class="fecha">13 febrero 2025</div></div><div class="download"><div class="cta btn bordered red"><a href="/es/publicaciones/flash-divisas/eurgbp">Leer el informe</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2025/02/13/34454/2025_02_eurgbp-flash-divisas.pdf"> Descargar fichero </a></div> </article></div></div><div class="image"><div class="field_thumbnail field"> <article><div class="field_media_image field"> <img src="/sites/default/files/styles/destacado/public/content/image/2023/03/30/49/ICO_FD_EURGBP.jpg?itok=SUMFuput" width="670" height="399" alt="EUR/GBP" loading="lazy" typeof="foaf:Image" /></div> </article></div></div></article></span></div></div><div class="three-col view view-eva view-lista-coleccion-vs03-flash-divisas view-id-lista_coleccion_vs03_flash_divisas view-display-id-collection js-view-dom-id-b59af4b3110e95d4283ed7509714a355b370118ee6dcfc336ea1de6f60a787cb view-lista-articulos"><div class="flex three-columns-gap20 tc-gap35 wrap"> <article data-history-node-id="12073" role="article" about="/es/publicaciones/flash-divisas/eurjpy" class="teaser_lista_coleccion_vs03 article"> <a href="/es/publicaciones/flash-divisas/eurjpy"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2023/03/30/49/ICO_FD_EURJPY.jpg?itok=zOdNhary" width="433" height="289" alt="EUR/JPY" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/es/tags/divisas" hreflang="es">Divisas</a></div><h2><a href="/es/publicaciones/flash-divisas/eurjpy"><span>EUR/JPY</span></a></h2><div class="body field"><p><span><span>Las perspectivas del yen frente al euro para los pr贸ximos trimestres son de estabilidad general, aunque con un sesgo ligeramente favorable a la divisa japonesa. Las expectativas econ贸micas para 2025 son algo mejores en Jap贸n, y el Banco de Jap贸n est谩 endureciendo su pol铆tica monetaria cuando el BCE est谩 recortando los tipos de inter茅s. No obstante, aunque el diferencial de tipos nominales a corto plazo sea favorable al yen, la principal fuerza directora de la divisa nipona (tanto frente al euro como frente al d贸lar) est谩 siendo el diferencial de tipos reales a largo plazo. Este se deber铆a mantener estable en un entorno al que, a las din谩micas monetarias, habr铆a que a帽adir la diferente normalizaci贸n de la inflaci贸n de ambas geograf铆as (aceler谩ndose en Jap贸n y desaceler谩ndose en Europa).</span></span></p></div><div class="autor-fecha "><div class="fecha">29 enero 2025</div></div><div class="download"><div class="cta btn bordered red"><a href="/es/publicaciones/flash-divisas/eurjpy">Leer el informe</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2025/01/30/34454/20250127-flash-divisas-jpy.pdf"> Descargar fichero </a></div> </article></div></article><article data-history-node-id="11451" role="article" about="/es/publicaciones/flash-divisas/eurusd" class="teaser_lista_coleccion_vs03 article"> <a href="/es/publicaciones/flash-divisas/eurusd"><div class="field_thumbnail field"><div class="field_media_image field"> <img src="/sites/default/files/styles/teaser/public/content/image/2023/03/30/49/ICO_FD_EURUSD.jpg?itok=dAOR1ved" width="433" height="289" alt="EUR/USD" loading="lazy" typeof="foaf:Image" /></div></div> </a><div class="category "> <a href="/es/tags/divisas" hreflang="es">Divisas</a></div><h2><a href="/es/publicaciones/flash-divisas/eurusd"><span>EUR/USD</span></a></h2><div class="body field"><p>La reciente apreciaci贸n del d贸lar suma, al dinamismo econ贸mico de EE. UU. respecto a sus pares, en particular frente a una eurozona debilitada, la elecci贸n de Trump, cuyas pol铆ticas anunciadas en campa帽a resultar铆an 鈥攁 corto plazo al menos鈥攁preciadoras para el d贸lar. En este contexto, revisamos nuestra previsi贸n del euro/d贸lar hasta el 1,05 a cierre de a帽o, y una posterior paulatina depreciaci贸n hacia la paridad en el 4T 2025, si bien los riesgos para esta previsi贸n permanecen elevados.</p></div><div class="autor-fecha "><div class="fecha">28 noviembre 2024</div></div><div class="download"><div class="cta btn bordered red"><a href="/es/publicaciones/flash-divisas/eurusd">Leer el informe</a></div> <article><div class="field_media_file field"> <a download alt=" download" href="/sites/default/files/content/file/2024/11/29/34454/20241128-usd-flash-divisas.pdf"> Descargar fichero </a></div> </article></div></article></div></div><div class="node_view"></div></div></div></div></div></main><footer role="contentinfo"><div class="container"><div class="logo_caixa_footer"> <a href="https://www.caixabankresearch.com/es" title="CaixaBank Research footer logo"> <svg xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" version="1.1" 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