Dear Reader,

 

Today's overview of economic news and market action:

 

    • Trading conditions were somewhat volatile yesterday … 
    • BoE and ECB both left policy on hold as expected …
    • BoE/ECB both sounded more hawkish than the Fed did on Wednesday ..
    • However, markets continue to expect substantial rate cuts across the board in 2024 …
    • Divergence in messaging has weighed on the dollar though …
    • Sees EUR/USD open just below $1.10 …
    • GBP/USD is up near the midpoint of $1.27-1.28 …
    • Flash PMIs in the Eurozone, UK and US for December due today …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0982   0.84 2.62
EUR/GBP 0.8606   -0.16 -2.69
GBP/USD 1.2757   0.97 5.46
GBP/EUR 1.1612   0.16 2.77
*versus Previous Day's European Open
 
FED Watch - December 2023
 

As widely expected, the US Federal Reserve Open Market Committee left its key interest rates on hold at the conclusion of its two-day meeting last night.
 
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Irish Housing Market Bulletin - December
 

Supply maintains momentum, prices recover after weak start

 

The main focus of the Irish residential property market over the last number of years has been supply, or more specifically the lack of adequate supply.
 
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Forex and Interest Rate Outlook - December
 

World economy has lost momentum during 2023. Even the US economy may be starting to slow after a strong performance year-to-date. Subdued growth expected again in 2024.
 
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AIB Ireland Services PMI® - November 2023
 

Service sector expansion accelerates in November

 

Rates of expansion in total activity and new business both accelerated on the month for the first time since April, with a notable rebound in the Transport, Tourism & Leisure sector.
 
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