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Dear Reader,

 

Today's overview of economic news and market action: 

  • Equity markets recovered some of their recent losses yesterday …
  • On bond markets, German Bund yields surged by circa 30bps …
  • This supported the euro, which remained firmly in then ascendancy …
  • At the same time, the dollar was on the defensive once again …
  • This sees EUR/USD start today above the $1.08 threshold …
  • GBP/USD is operating north of the $1.29 handle …
  • EUR/GBP is in the upper half of the 83-84p band …
  • Today, the ECB is widely expected to cut rates by 25bps …
 
Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.0815   1.73 4.46
EUR/GBP 0.837   0.77 1.17
GBP/USD 1.2916   0.95 3.24
GBP/EUR 1.1942   -0.76 -1.16
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
 
 
Irish Economy Watch - February 2025
 
 
  • Manufacturing PMI rose to 51.3 in January, indicating a first monthly expansion since October
  • The services PMI fell to 53.4 in January, consistent with a slower pace of expansion
  • Retail sales were 0.4% lower YoY in December
  • Housing commencements 12 month running total at 60.6k in January
 
 
AIB Ireland Services PMI - February
 
 

The AIB Ireland Services PMI® survey data for February indicated further subdued growth of the Irish services economy, with both new business and total activity increasing at the weakest rates in just over a year.