Dear Reader,

Here is an overview of today's economic news and market action:

• Overnight, Fed raised rates by 25bps as expected …
• Fed also opened the door to pausing its current tightening cycle …
• Meanwhile, further stresses in the US banking sector emerged overnight …
• Against this backdrop, the dollar was under downward pressure …
• Sees EUR/USD open in the top half of $1.10-1.11 …
• GBP/USD is near a new YTD high of $1.259 …
• EUR/GBP remains in the 88-89p corridor …
• Market spotlight shifts to the ECB today …
• ECB expected to raise rates by 25bps …

Sharpest growth in new orders in a year 

Following March’s softer upturn, the Irish service sector regained growth momentum at the start of the second quarter of the year.

Irish manufacturing sector conditions weaken amid reports of muted customer demand

Saving Grace

Despite the double shock of a sharp rise in inflation and much higher interest rates over the past year, as well as a marked slowdown in the global economy, the Irish economy continues to display considerable resilience.