Dear Reader,
Today's overview of economic news and market action
- Monetary policy meetings front and centre over the past 24 hours
- Yen has made further gains after the BoJ matched hawkish expectations
- Meanwhile, as expected the Fed kept rates on hold
- But, Chair Powell did reference potential for a rate cut in September
- Overall though, EUR/USD and GBP/USD start today very similar to yesterday’s open
- Focus today shifts to the BoE meeting
- Event risk for sterling given the BoE rate outcome is uncertain
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0825 |
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-0.01 |
-1.91 |
| EUR/GBP |
0.8426 |
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-0.01 |
-2.79 |
| GBP/USD |
1.2844 |
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-0.01 |
0.90 |
| GBP/EUR |
1.1864 |
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0.01 |
2.87 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Irish Economy Watch - July 2024
Consumer prices rose by 0.4% in Jun, amid an increase in transport and hospitality costs. However, the YoY rate fell to 2.2%. HICP inflation rose by 0.3% in the month, with the annual rate declining to 2.0%.
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ECB Watch - July 2024
The ECB meeting for July saw the Governing Council keep its key interest rates unchanged. This means that the Deposit rate remains at 3.75% while the refi rate stays at 4.25%. The ‘hold’ on rates in July follows the 25bps rate cut implemented in June to the main interest rates. This represented its first rate change in six meetings after previously being on a rate hiking cycle.
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Weekly Market Brief: 29 July - 2 August
No summer vibe to markets yet
Despite being in the midst of the summer holiday season, political events, macro data surprises, central bank commentary and global trade tensions have meant that the normal lull that tends to set into markets around this time of year, has been absent so far.
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