Dear Reader,

 

Today's overview of economic news and market action

  • As expected, the ECB left monetary policy on hold yesterday …
  • The ECB gave firmer guidance that a June rate cut was likely …
  • However, the impact on market interest rate expectations was muted …
  • Remarks from BoE official Greene led to a firming in UK futures contracts though …
  • Currency-wise, the euro has been under some downward pressure …
  • Sees EUR/USD open today back at $1.07 …
  • GBP/USD is in the $1.25-1.26 band …
  • EUR/GBP is operating in the lower half of 85-86p …
  • Today, the preliminary reading of US consumer sentiment for April is due …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2023
EUR/USD 1.0704   -0.39 -3.01
EUR/GBP 0.8537   -0.29 -1.51
GBP/USD 1.2536   -0.08 -1.52
GBP/EUR 1.1705   0.29 1.53
*versus Previous Day's European Open
 
ECB Watch - April 2024
 

ECB signals June rate cut on the cards


As widely anticipated, the ECB’s Governing Council meeting for April saw the central bank maintain its key deposit rate at 4%. It marked the fifth consecutive policy meeting that the ECB has kept rates unchanged. There was “consensus” rather than unanimity within the Governing Council on the decision.
 
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AIB Ireland Services PMI® March 2024
 

Service sector gains growth momentum in March

 

The latest AIB PMI® survey data indicated a further acceleration in Irish service sector growth in March, following February's rebound in growth.
 
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Bank of England Watch - March 2024
 

BoE gradually moving towards cutting interest rates

 

The March 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 decision was very much in line with market expectations.
 
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Irish Economy Watch - March
 

PMI jumped to 52.2 in Feb, its highest level since June 2022. A sharp rise in output and employment, alongside growth in new orders were the key features of the survey.
 
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