Dear Reader,

Today's overview of economic news and market action

• Equity markets moved lower on both sides of the Atlantic yesterday …
• Currency-wise, the dollar was under some downward pressure …
• Meantime, the yen rose sharply amid speculation of further intervention to support the currency …
• USD/JPY opens down in the ¥156-157 range …
• EUR/USD is above $1.09 …
• GBP/USD is operating just below $1.30 …
• EUR/GBP remains in and around 84p …
• Later today, the ECB is expected to leave monetary policy on hold …

All rates quoted are indicative market rates.

Goldilocks? Government sets Budget parameters

The recently released Summer Economic Statement set the boundaries for the upcoming Irish Budget in October, with the Government announcing a planned budget day package of €8.3bn (3% of GNI*). The majority of this is for spending measures (€6.9bn) with the remainder (€1.4bn) expected to fund income tax cuts.