Dear Reader,
Today's overview of economic news and market action:
- US trading session saw some improvement in risk appetite yesterday
- On bond markets, there was some reversal of the previous day’s moves higher in yields
- Currency-wise, the dollar was holding a softer tone
- EUR/USD moved higher into the upper half of $1.07-1.08
- GBP/USD regained the $1.25 threshold
- Today’s macro data calendar is very sparse
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.0775 |
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0.62 |
0.68 |
| EUR/GBP |
0.8582 |
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-0.20 |
-2.96 |
| GBP/USD |
1.2554 |
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0.82 |
3.78 |
| GBP/EUR |
1.1649 |
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0.20 |
3.05 |
| *versus Previous Day's European Open |
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AIB Ireland Services PMI® - May
Growth in services activity remains marked
Ongoing demand strength continued to support sustained growth in the Irish service sector during May, according to the latest AIB PMI® survey data. Activity and new business both rose sharply, albeit at rates slightly weaker than seen in April, and business sentiment strengthened on the month.
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Weekly Market Brief: 5 - 9 June
Inflation on the Wane
Thereafter, the pace of decline in inflation is likely to slow considerably, but the signs are still that the headline rate will have moved significantly lower by the summer of 2024.
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Weekly Market View
Inflation in Retreat
Inflation is clearly on the wane in Ireland, in line with the trend in most other economies. Preliminary data for May show that prices rose by 0.3% in the month, with the annual rate of HICP inflation falling to 5.4%.
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