Dear Reader,
Here is an overview of today's economic news and market action:
- Cautious mood on markets yesterday …
- BoE hiked rates by 25bps as expected …
- Currency-wise, the dollar was in the ascendancy overnight …
- Sees EUR/USD open back in the lower half of $1.08-1.09 …
- GBP/USD is down below the $1.23 threshold …
- EUR/GBP is operating down near 88p …
- Flash PMIs in the US, EZ and UK for March due today …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.0829 |
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-0.69 |
1.19 |
| EUR/GBP |
0.8817 |
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-0.33 |
-0.31 |
| GBP/USD |
1.228 |
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-0.34 |
1.51 |
| GBP/EUR |
1.1336 |
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0.33 |
0.31 |
| *versus Previous Day's European Open |
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Fed Watch - March 2023
Fed hikes by further 25bps, but rates near peak
As largely expected, the Fed announced a further 25bps hike in rates yesterday. This brings the target range for the Fed funds rate up to 4.75-5.0%.
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BoE Watch - March 2023
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BoE hikes by 25bps, and retains a tightening bias
The March meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank announce a 25bps rate hike. The voting breakdown showed that the MPC continued to be split on its rate decision.
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ECB Watch - March 2023
The March meeting of the ECB’s Governing Council saw the central bank raise rates by 50bps, which brings the key deposit rate up to 3%.
Read more »
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Weekly Market Brief: 20 - 24 March
Down, but Not Out
- The Eurozone is Ireland’s biggest trading partner, accounting for circa 35% of goods and 30% of service exports
- Encouragingly, survey data suggest that the Eurozone economy has regained some momentum so far this year, helped by a fall in wholesale energy prices and supportive fiscal policies
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