Dear Reader,
Today's overview of economic news and market action:
- Overnight, the US Fed left rates on hold, as expected …
- However, updated interest rate dotplot indicates the Fed may raise rates further …
- US rate hike expectations hardened somewhat in response …
- The dollar initially moved lower yesterday, before recouping its losses overnight …
- EUR/USD opens just above the $1.08 threshold …
- GBP/USD is near the midpoint of $1.26-1.27 …
- EUR/GBP remains at the halfway mark of 85-86p …
- Today, the ECB is expected to raise rates by 25bps …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.0808 |
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0.19 |
0.99 |
| EUR/GBP |
0.8551 |
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-0.04 |
-3.31 |
| GBP/USD |
1.2641 |
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0.25 |
4.50 |
| GBP/EUR |
1.1692 |
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0.04 |
3.43 |
| *versus Previous Day's European Open |
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Weekly Market View
Continuing Strong Growth Despite GDP Hiccup
The scale of Irish contract manufacturing, whereby a company based in Ireland engages a firm abroad to manufacture products on its behalf, has grown enormously since 2015. The production process is still recorded in the Irish National Accounts as part of imports, exports and GDP, even though none of the activity occurs in Ireland.
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Weekly Market Brief: 12-16 June
The Full Picture
The scale of Irish contract manufacturing, whereby a company based in Ireland engages a firm abroad to manufacture products on its behalf, has grown enormously since 2015.
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AIB Ireland Services PMI® - May
Growth in services activity remains marked
Ongoing demand strength continued to support sustained growth in the Irish service sector during May, according to the latest AIB PMI® survey data. Activity and new business both rose sharply, albeit at rates slightly weaker than seen in April, and business sentiment strengthened on the month.
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