Dear Reader,

 

Today's overview of economic news and market action

  • Generally subdued trading conditions over the past 24 hours
  • Amid quiet data calendar
  • Currency trading for most of majors defined by narrow ranges
  • EUR/USD continues to operate near midpoint of $1.07-1.08
  • EUR/GBP remains up at the 86p threshold
  • Some sterling event risk today with the BoE meeting
  • No rate changes are expected
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.074   0.01 -2.68
EUR/GBP 0.8603   0.03 -0.75
GBP/USD 1.2481   -0.02 -1.95
GBP/EUR 1.1617   -0.03 0.76
*versus Previous Day's European Open
 
AIB Ireland Services PMIĀ®
 

Services activity rises more slowly in April

 

The latest AIB PMI® survey data indicated a further rise in Irish service sector output in April, but the rate of growth was the slowest since January. New business growth also eased since March, contributing to a softer rate of job creation. 

 
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AIB Ireland Manufacturing PMIĀ®
 

Steepest fall in new orders since December 2022

 

AIB Ireland Manufacturing PMI® data signalled a sustained reduction in output volumes and incoming new work during April, with both rates of decline accelerating since the previous survey period. Total new business decreased to the greatest extent for 16 months, in part reflecting a sharp fall in export sales.

 
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