Dear Reader,
Today's overview of economic news and market action:
- Significant market moves yesterday
- In reaction to weaker than expected US inflation numbers
- Yields fell, softening in rate expectations, equity markets rallied
- Dollar lost over 1.5% against some of the other majors
- EUR/USD opens in the upper half of $1.08-1.09
- Ahead today, US retail sales (Oct) is a key data releases…
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0865 |
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1.59 |
1.52 |
| EUR/GBP |
0.8712 |
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-0.06 |
-1.49 |
| GBP/USD |
1.2469 |
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1.64 |
3.08 |
| GBP/EUR |
1.1472 |
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-0.06 |
1.52 |
| *versus Previous Day's European Open |
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Weekly Market Brief: 13-17 November
A Taxing Matter
The last three months have seen much lower than expected Irish corporation tax receipts, which fell by a third, or €2.3 billion, on the corresponding three-month period last year.
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FED Watch - November 2023
Fed holds rates steady at 22-year high for second meeting
The Fed has enacted 525bps worth of rate increases since it commenced tightening policy in March 2022. The last rate rise came in July, with a 25bps hike.
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BoE Watch - November
BoE holds rates at 5.25% for a second straight meeting
This decision was very much in line with market expectations. It marks the second meeting in-a-row where the BoE has remained on hold. Its previous meeting in September represented its first pause after hiking for fourteen consecutive meetings, dating back to December 2021.
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AIB Ireland Services PMI® - October 2023
Service sector growth loses further momentum in October
Growth of services activity in Ireland was sustained at the start of the final quarter of 2023, according to the latest AIB PMI® survey data. That said, the rate of expansion slowed for the sixth month running and was the second-weakest over the current 32-month upturn.
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