Dear Reader,

 

Today's overview of economic news and market action:

  • Positive tone to risk appetite last week, as US inflation eased further … 
  • S&P 500 gained 2.6%, Euro Stoxx 50 up 3.9% …
  • Currency-wise, the dollar was on the defensive …
  • Sees EUR/USD open today up above $1.12, having started last week below $1.10 …
  • GBP/USD is operating up near $1.31 also …
  • EUR/GBP is in the top half of the 85-86p trading band …
  • This week, focus turns to UK CPI inflation …
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.1224   -0.06 4.88
EUR/GBP 0.8578   0.28 -3.01
GBP/USD 1.3084   -0.34 8.16
GBP/EUR 1.1653   -0.28 3.10
*versus Previous Day's European Open

 
 
Weekly Market Brief: 17-21 July
 
 

Holy Grail Coming into View ?

 

Markets are becoming increasingly confident that the Federal Reserve will manage to engineer a soft landing for the US 
 
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Weekly Market View
 

Sterling’s Rally May Be Ending


From a currency viewpoint, one of the biggest surprises over the first half of 2023 has been the strength of sterling. The pound has made gains against the other major currencies including the dollar and the euro.
 
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AIB Ireland Manufacturing PMI® - June
 

Strongest deterioration in Irish manufacturing sector performance for over three years in June

 

Amid ongoing demand weakness, Irish manufacturing firms continued to see a decline in the health of the sector during June.
 
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Forex and Interest Rate Outlook - July 2023
 

Economic data, especially on labour markets, have generally surprised to the upside in 2023, though GDP growth was sluggish in Q1.

Global economy still facing considerable headwinds  Central banks remain on rate tightening path, though Fed and ECB appear to be nearing end of their hiking cycle. BoE has further to go, with markets pricing in another 150bps of UK rate hikes
 
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