Dear Reader,

 

Today's overview of economic news and market action:

  • Quiet data schedule contributed to a relatively calm period on markets last week …
  • Currency-wise, the main FX pairs were range bound, although, the yen weakened slightly …
  • EUR/USD opens this morning just below $1.08 …
  • GBP/USD is in the lower half of $1.26-1.27 …
  • EUR/GBP remains between 85-86p …
  • This week, a busy UK data schedule includes updates on inflation, the labour market and GDP …
  • US CPI inflation is also due. In the Eurozone, ECB speakers will be in focus …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0793   0.22 -2.20
EUR/GBP 0.8541   0.04 -1.47
GBP/USD 1.2632   0.15 -0.76
GBP/EUR 1.1703   -0.04 1.49
*versus Previous Day's European Open
 
 
AIB Ireland Manufacturing PMI® - January 2024
 

Stronger export sales boost manufacturing production in January

 

Manufacturing output rose to the greatest extent since May 2022, albeit only marginally, accordingly to the latest AIB Ireland Manufacturing PMI®. Production growth was supported by an increase in new work from abroad, alongside efforts to clear backlogs.
 
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AIB Ireland Services PMI® - January 2024
 

Service sector growth slows to near-three year low

 

The first batch of AIB PMI® survey data for 2024 signalled a loss of momentum in Irish service sector activity, albeit still extending the current growth sequence that began in March 2021. Rates of expansion in total activity and new business both slowed on the month, with the former rising at the weakest pace in the current upturn.
 
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ECB Watch - January 2024
 

ECB on hold for third straight meeting

 

The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.
 
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