Dear Reader,
Today's overview of economic news and market action:
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- Somewhat positive mood on markets yesterday …
- Bond yields fell, most notably in the US …
- Currency-wise, the dollar handed back some of its recent gains …
- Sees EUR/USD open this morning north of the $1.05 mark …
- GBP/USD is up at the midpoint of $1.21-1.22 …
- EUR/GBP remains in the 86-87p band …
- Relatively quiet data schedule ahead today ….
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0512 |
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0.41 |
-1.78 |
| EUR/GBP |
0.865 |
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-0.16 |
-2.19 |
| GBP/USD |
1.215 |
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0.57 |
0.44 |
| GBP/EUR |
1.1556 |
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0.16 |
2.24 |
| *versus Previous Day's European Open |
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AIB Irish Services PMI
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Growth in services activity slowest since start of 2023
The latest AIB PMI® survey data signalled sustained growth in the Irish service sector in September, with further solid increases in total activity and new business.
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AIB Irish Manufacturing PMIs
Renewed downturn in manufacturing performance as lower export sales hit total order books
Subdued global demand conditions and customer destocking were factors holding back new business intakes. As a result, export sales resumed their downward trend in September, largely driven by falling spending by European clients.
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BoE Watch - September 2023
BoE holds rates at 5.25% in finely balanced decision
After fourteen consecutive rate hikes, stretching back to December 2021, yesterday’s meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank leave rates unchanged at 5.25%.
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FED Watch - September 2023
Fed leaves rates unchanged in a hawkish hold
As had been well signalled, the US Fed left official interest rates unchanged at the conclusion of its policy meeting.Thus, the target range for the funds rate remains at 5.25-5.50%.
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