Dear Reader,
Today's overview of economic news and market action
- More cautious tone to investor sentiment yesterday
- US data continued to disappoint versus expectations
- However, the dollar managed to halt its recent slide
- EUR/USD though remains in the upper half of $1.08-1.09
- Elsewhere, EUR/GBP been in a very tight 85.7-85.9p range
- Today’s macro diary is very sparse heading into the weekend
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0863 |
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-0.18 |
-1.57 |
| EUR/GBP |
0.8577 |
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-0.02 |
-1.05 |
| GBP/USD |
1.2663 |
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-0.18 |
-0.52 |
| GBP/EUR |
1.1653 |
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0.02 |
1.06 |
| *versus Previous Day's European Open |
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Bank of England Watch - May 2024
BoE opens door to possible rate cut in June
The May meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank keep its key interest rate unchanged at 5.25%. This outcome was very much in line with market expectations. It marked the sixth consecutive meeting where the BoE has remained on hold. Once again, the voting breakdown today showed the MPC remained split on its rate decision.
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AIB Ireland Services PMI®
Services activity rises more slowly in April
The latest AIB PMI® survey data indicated a further rise in Irish service sector output in April, but the rate of growth was the slowest since January. New business growth also eased since March, contributing to a softer rate of job creation.
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AIB Ireland Manufacturing PMI®
Steepest fall in new orders since December 2022
AIB Ireland Manufacturing PMI® data signalled a sustained reduction in output volumes and incoming new work during April, with both rates of decline accelerating since the previous survey period. Total new business decreased to the greatest extent for 16 months, in part reflecting a sharp fall in export sales.
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