Dear Reader,

 

Today's overview of economic news and market action:

  • Equity markets declined on both sides of the Atlantic yesterday …
  • Oil prices rose by over 2%, with Brent crude near $79 per barrel …
  • US CPI inflation was hotter than anticipated in December …
  • Despite this, US CPI inflation softened overnight …
  • EUR/USD opens near the midpoint of $1.09-1.10 …
  • GBPUSD is at the halfway mark of $1.27-1.28 …
  • EUR/GBP remains in and around 86p …
  • Final reading of French and Spanish HICP inflation (Dec) due today …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0961   -0.15 -0.68
EUR/GBP 0.8591   -0.12 -0.89
GBP/USD 1.2754   -0.07 0.20
GBP/EUR 1.1635   0.12 0.90
*versus Previous Day's European Open
 
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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AIB Ireland Manufacturing PMI® - December 2023
 

Renewed downturn in manufacturing order books, but business optimism improves slightly

 

The AIB Ireland Manufacturing PMI® pointed to worsening business conditions as 2023 drew to a close, representing a setback after the stabilisation seen during November.
 
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AIB Ireland Services PMI® - December 2023
 

 

Service sector expansion sustained in December as business outlook for 2024 improves

 

The December AIB PMI® survey data signalled a further rise in service sector activity, extending the current growth sequence that began March 2021.
 
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Historic Rates for 2023
 
 
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