Dear Reader,

 

Today's overview of economic news and market action:

 

    • Marked contrast in risk appetite on either side of the Atlantic last week …
    • This largely stemmed from a hardening in US rates and a softening in Eurozone rates …
    • Currency-wise, the dollar was in the ascendancy and the yen outperformed …
    • Sees EUR/USD open this morning back below $1.08 …
    • EUR/JPY is down in the ¥156-157 corridor …
    • EUR/GBP remains just below 86p …
    • GBP/USD is in the bottom half of $1.25-1.26 …
    • Jam-packed macro-calendar this week includes policy meetings of the Fed, ECB and BoE
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0765   -0.17 0.59
EUR/GBP 0.8584   0.22 -2.94
GBP/USD 1.254   -0.37 3.66
GBP/EUR 1.1645   -0.22 3.03
*versus Previous Day's European Open
 
Weekly Market Brief: 11 - 15 December
 

Great Expectations

 

Markets have been on fire since late October, with equities marching higher and bond yields tumbling, as investors bet on rapid rate cuts in 2024. 
 
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Forex and Interest Rate Outlook - December
 

World economy has lost momentum during 2023. Even the US economy may be starting to slow after a strong performance year-to-date. Subdued growth expected again in 2024.
 
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AIB Ireland Manufacturing PMI® - November 2023
 

Latest survey data from the AIB Ireland Manufacturing PMI® highlighted a stabilisation in overall business conditions, following modest downturns in September and October.
 
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AIB Ireland Services PMI® - November 2023
 

Service sector expansion accelerates in November

 

Rates of expansion in total activity and new business both accelerated on the month for the first time since April, with a notable rebound in the Transport, Tourism & Leisure sector.
 
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