Dear Reader,
Today's overview of economic news and market action
- Cautious tone to investor sentiment once again yesterday
- Main equity indices posted losses on the day
- Currency-wise, dollar retained the upper hand
- Sterling slightly weaker over the past 24 hours
- EUR/USD remains sub-$1.08
- EUR/GBP edged higher towards the midpoint of 83-84p
- Ahead today, flash PMIs (Oct) will be in focus
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0788 |
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-0.13 |
-2.25 |
| EUR/GBP |
0.8343 |
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0.32 |
-3.75 |
| GBP/USD |
1.2931 |
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-0.44 |
1.59 |
| GBP/EUR |
1.1985 |
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-0.32 |
3.90 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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AIB Economic Outlook - October 2024
Growth in Ireland’s key trading partners uneven, geopolitical risks to the fore. Irish economy expected to grow at a moderate pace in the coming years. Households remain cautious in spending patterns. US dollar dominance tested by macro trends.
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Weekly Market Brief: 21 - 25 Oct
Growth concerns driving the ECB
The ECB policy meeting for October marked a firm shift in the focus of the Governing Council away from inflation
towards growth concerns in the Eurozone. As outlined in our ECB Watch publication, the central bank cut interest rates
for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was
decreased to 3.40%.
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ECB Watch - October 2024
The October meeting of the ECB’s Governing Council saw the central bank cut interest rates for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was decreased to 3.40%. Today’s policy easing represents the first consecutive rate cuts from the ECB in 13 years, as it also lowered rates at its previous meeting in September.
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