Dear Reader,

 

Today's overview of economic news and market action

  • Investor sentiment soured yesterday, despite some better than anticipated US data …
  • US GDP printed ahead of the consensus, rising by 2.8% annualised in Q2 (vs. 2.0% forecast) …
  • Currency-wise, the yen was holding a firmer tone initially, but came under pressure late on …
  • In level terms, USD/JPY opens in the top half of ¥153-154 …
  • EUR/USD opens this morning at the midpoint of the $1.08-1.09 range …
  • EUR/GBP is nearer to the halfway mark of 84-85p …
  • GBP/USD is operating close to the heart of the $1.28-1.29 band …
  • Today, the main release of note will be the June reading of US core-PCE inflation …
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0849   0.10 -1.69
EUR/GBP 0.8435   0.32 -2.69
GBP/USD 1.2859   -0.22 1.02
GBP/EUR 1.1848   -0.32 2.76
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
 
Irish Economy Watch - July 2024
 

Consumer prices rose by 0.4% in Jun, amid an increase in transport and hospitality costs. However, the YoY rate fell to 2.2%. HICP inflation rose by 0.3% in the month, with the annual rate declining to 2.0%.
 
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Economist's Weekly Market View - 23 July
 

ECB keeping its options open on rates outlook

 

In the past week we have seen the July/August round of the key central bank meetings get underway, with the European Central Bank (ECB) first up. As expected, its Governing Council kept interest rates unchanged. This means that the Deposit rate remains at 3.75% while the Refi rate stays at 4.25%. 
 
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ECB Watch - July 2024
 

The ECB meeting for July saw the Governing Council keep its key interest rates unchanged. This means that the Deposit rate remains at 3.75% while the refi rate stays at 4.25%. The ‘hold’ on rates in July follows the 25bps rate cut implemented in June to the main interest rates. This represented its first rate change in six meetings after previously being on a rate hiking cycle.
 
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