Dear Reader,

Today's overview of economic news and market action:

• Price action on markets remained muted yesterday …
• The Euro Stoxx 50 fell by 0.3%, while the S&P 500 gained 0.8% …
• Currency-wise, the dollar was under some slight downward pressure …
• Elsewhere, the yen was on the defensive overnight …
• Sees EUR/USD open up nearer the $1.08 threshold …
• EUR/GBP remains between 85-86p …
• GBP/USD is in the lower half of $1.26-1.27 …
  EUR/JPY is up at the midpoint of ¥160-161 …
• Quiet data schedule ahead again today …

Stronger export sales boost manufacturing production in January

Manufacturing output rose to the greatest extent since May 2022, albeit only marginally, accordingly to the latest AIB Ireland Manufacturing PMI®. Production growth was supported by an increase in new work from abroad, alongside efforts to clear backlogs.

Service sector growth slows to near-three year low

The first batch of AIB PMI® survey data for 2024 signalled a loss of momentum in Irish service sector activity, albeit still extending the current growth sequence that began in March 2021. Rates of expansion in total activity and new business both slowed on the month, with the former rising at the weakest pace in the current upturn.

ECB on hold for third straight meeting

The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.