Dear Reader,

 

Today's overview of economic news and market action:

 

    • Investor sentiment was somewhat mixed yesterday … 
    • Eurozone futures softened yesterday …
    • Currency-wise, the dollar was on the front foot …
    • Elsewhere, the euro was under some downward pressure …
    • Sees EUR/USD open below the $1.08 threshold … 
    • EUR/GBP is back close to the midpoint of 85-86p … 
    • GBP/USD is operating down in and around $1.26 …
    • Relatively sparse data schedule ahead …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0782   -0.58 0.75
EUR/GBP 0.8559   -0.24 3.22
GBP/USD 1.2597   -0.32 4.13
GBP/EUR 1.1679   0.25 3.33
*versus Previous Day's European Open
 
Weekly Market Brief: 4 - 8 December
 

Labouring the Point

 

National Accounts data show that GDP is in decline, but this largely relates to a fall in contract manufacturing activity abroad by Irish based companies 
 
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AIB Ireland Manufacturing PMI® - November 2023
 

Latest survey data from the AIB Ireland Manufacturing PMI® highlighted a stabilisation in overall business conditions, following modest downturns in September and October.
 
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AIB Ireland Services PMI® - November 2023
 

Service sector expansion accelerates in November

 

Rates of expansion in total activity and new business both accelerated on the month for the first time since April, with a notable rebound in the Transport, Tourism & Leisure sector.
 
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Economist's Weekly Market View
 

On the Job National

 

Accounts data show that GDP is in decline, but this largely relates to a fall in contract manufacturing activity abroad by Irish based companies. The latest labour market data, by contrast, point to a still strong Irish economy. 
 
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