Dear Reader,
Today's overview of economic news and market action
- There was a rather quiet start to the week on financial markets yesterday …
- On the monetary policy front, Eurozone futures softened by circa 5bps amid dovish remarks from ECB officials …
- Against that backdrop, the euro was under some modest downward pressure yesterday …
- This culminated in EUR/GBP registering a fresh YTD low just below 85p …
- Overnight though, the euro recouped its losses. EUR/GBP opens today just above 85p …
- Elsewhere, GBP/USD is in the top half of $1.27-1.28 …
- EUR/USD is up in the upper half of $1.08-1.09 …
- Turning to day ahead, the data schedule remains sparse on both sides of the Atlantic …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0875 |
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0.26 |
-1.46 |
| EUR/GBP |
0.8514 |
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0.04 |
-1.78 |
| GBP/USD |
1.2772 |
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0.24 |
0.34 |
| GBP/EUR |
1.174 |
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-0.04 |
1.81 |
| *versus Previous Day's European Open |
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Weekly Market Brief 27 - 31 May
Hot Irish Labour Market Coming Off the Boil
Irish labour market expanded at a more moderate pace in Q1, but the data still point to robust growth in the Irish economy at the start of 2024. Employment increased by 0.4% in the quarter, but the annual growth rate slowed to 1.9% y/y (+3.4% y/y in Q4 2023).
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Forex and Interest Rate Outlook May
World economy continues to exhibit resilience. However, subdued growth expected again in 2024, with US outperformance starting to wane, UK and Eurozone accelerating. Inflation remains sticky in key markets, particularly the US and UK, with consumer spending underpinning high core inflation, and higher oil prices a renewed inflationary risk.
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