Dear Reader,

 

Today's overview of economic news and market action:

  • Euro has been under pressure so far in 2024 
  • Against the backdrop of ongoing ‘softness’ in EZ macro data
  • At the same time, dollar has been supported by continued forecast beating US data
  • EUR/USD opens this morning below $1.08
  • EUR/GBP is trading under 86p
  • Meanwhile, GBP/USD has been unable to hold onto the $1.26 handle
  • Today’s marco diary is quiet in terms of top tier data
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0757   -0.21 -2.53
EUR/GBP 0.8565   0.21 -1.19
GBP/USD 1.2556   -0.41 -1.36
GBP/EUR 1.167   -0.21 1.20
*versus Previous Day's European Open
 
AIB Ireland Services PMI® - January 2024
 

Service sector growth slows to near-three year low

 

The first batch of AIB PMI® survey data for 2024 signalled a loss of momentum in Irish service sector activity, albeit still extending the current growth sequence that began in March 2021. Rates of expansion in total activity and new business both slowed on the month, with the former rising at the weakest pace in the current upturn.
 
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AIB Ireland Manufacturing PMI® - January 2024
 

Stronger export sales boost manufacturing production in January

 

Manufacturing output rose to the greatest extent since May 2022, albeit only marginally, accordingly to the latest AIB Ireland Manufacturing PMI®. Production growth was supported by an increase in new work from abroad, alongside efforts to clear backlogs.
 
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Forex and Interest Rate Outlook - January
 

World economy grew at a very modest pace in 2023. Subdued growth expected again in 2024, with continuing weak performance by most advanced economies in particular. Inflation fell sharply last year and further moderation in price pressures anticipated in 2024.
 
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ECB Watch - January 2024
 

ECB on hold for third straight meeting

 

The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.
 
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