Dear Reader,

 

Today's overview of economic news and market action:

 

    • ECB hiked by 25bps, raising Depo rate to 4%
    • But euro weakened post-ECB on signs rates may have peaked
    • Dollar boosted by forecast beating US macro data
    • EUR/USD below $1.07
    • Elsewhere, EUR/GBP trading in a narrow range just below 86p
    • Today’s macro highlights are US industrial production and consumer sentiment
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0664   -0.75 -0.36
EUR/GBP 0.8577   -0.21 -3.02
GBP/USD 1.243   -0.57 2.75
GBP/EUR 1.1652   0.21 3.11
*versus Previous Day's European Open
 
ECB Watch - September 2023
 
 

ECB Depo rate hits 4%, likely to be the peak

 

The September meeting of the ECB’s Governing Council saw the Central Bank raise rates by a further 25bps, pushing the key deposit rate up to 4.00%.

 
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Strong expansion in Ireland's service sector in August
 

AIB Ireland Services PMI - August

Strong growth in the Irish service sector was sustained during August with the latest AIB PMI® survey data marking exactly two-and-a-half years of successive monthly improvements in business activity, new business, and employment.

 
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Weekly Market View
 

Top Dollar

 

Although the US dollar has retreated from last year’s peaks, which saw it reach its highest point on a trade-weighted basis in 20 years, it has remained at very elevated levels in 2023.

 
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Weekly Market Brief: 11-15 September
 

Some Buck

 

Although the US dollar has retreated from last year’s peaks, which saw it reach its highest level on a trade-weighted basis in 20 years, it has remained at very elevated levels in 2023.

 
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