Dear Reader,

 

Today's overview of economic news and market action:

 

  • No surprises from the Fed meeting last night
  • As expected, US rates kept in a 5.25-5.50 range
  • Currency-wise, dollar is modestly softer amid falling US yields
  • EUR/USD opens up near to $1.06
  • Elsewhere, EUR/GBP is trading in and around 87p
  • Ahead today, focus shifts to BoE meeting outcome
  • No change to Bank rate is expected
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0595   0.26 -1.00
EUR/GBP 0.8705   -0.03 -1.57
GBP/USD 1.2171   0.30 0.61
GBP/EUR 1.1483   0.03 1.60
*versus Previous Day's European Open
 
AIB Ireland Manufacturing PMI® - October 2023
 
 

Sharpest fall in production since July as sluggish demand conditions persist

 

Business conditions across the Irish manufacturing sector weakened to the greatest extent for three months in October as subdued export demand, customer destocking and lacklustre global economic conditions weighed on sales.
 
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ECB Watch - October 2023
 

Markets expect rate cuts in 2024 as recession risks rise

The October meeting of the ECB’s Governing Council saw the Central Bank maintain its key deposit rate at 4%, which was very much in line with expectations.
 
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Irish Economy Watch - October 2023
 

PMI declined to 49.6 in Sep, indicating business conditions deteriorated slightly. New orders fell, including export orders. Output contracted for a seventh month running.
 
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Budget 2024
 

 Strong Public Finances

Today’s budget contained a fresh package of cost of living support measures totalling €2.7bn that will be rolled out over the winter months. These are mainly taking the form of direct household payments and energy credits. The Government is also providing an additional €6.4bn in other spending increases and tax cuts for next year. 
 
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