Dear Reader,

 

Today's overview of economic news and market action:

  • Subdued mood on market yesterday …
  • Currency-wise, the yen was under downward pressure …
  • The euro was also holding a softer tone …
  • Sees EUR/USD open down in the lower half of $1.09-1.10 …
  • EUR/GBP is operating closer to the 87p mark …
  • GBP/USD remains in the $1.25-1.26 corridor …
  • USD/JPY is trading up close to the ¥149 handle …
  • EZ Consumer confidence (Nov) and US jobless claims due today …
  • In the UK, the focus is on the Autumn Statement …
 
Continue Reading
 
Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0911    -0.41  2.41 
EUR/GBP 0.8708    -0.42  -1.15 
GBP/USD 1.2526    0.00  3.62 
GBP/EUR 1.1476    0.42  1.17 
*versus Previous Day's European Open
 
Weekly Market Brief: 20-24 November
 

Sense and Sensitivity


There was a clear example in the past week of the sensitivity of financial markets to data releases which form a crucial input into the policy deliberations of central bank 
 
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FED Watch - November 2023
 

Fed holds rates steady at 22-year high for second meeting

 

The Fed has enacted 525bps worth of rate increases since it commenced tightening policy in March 2022. The last rate rise came in July, with a 25bps hike.
 
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BoE Watch - November
 

BoE holds rates at 5.25% for a second straight meeting


This decision was very much in line with market expectations. It marks the second meeting in-a-row where the BoE has remained on hold. Its previous meeting in September represented its first pause after hiking for fourteen consecutive meetings, dating back to December 2021. 
 
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AIB Ireland Services PMI® - October 2023
 

Service sector growth loses further momentum in October

 

Growth of services activity in Ireland was sustained at the start of the final quarter of 2023, according to the latest AIB PMI® survey data. That said, the rate of expansion slowed for the sixth month running and was the second-weakest over the current 32-month upturn.
 
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