Dear Reader,
Today's overview of economic news and market action
- US CPI inflation printed ahead of the consensus, sparking a marked reaction on markets …
- US futures contracts hardened significantly, spilling over to firmer UK and Eurozone rate expectations …
- Against this backdrop, equity markets fell on both sides of the Atlantic …
- Currency-wise, the dollar was in the ascendancy …
- EUR/USD opens this morning near $1.07 …
- EUR/GBP is near to 85p also …
- UK CPI inflation for January released this morning printed slightly below the consensus …
- The second reading of Eurozone Q4 GDP is due later today …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0709 |
|
-0.52 |
-2.96 |
| EUR/GBP |
0.8518 |
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-0.18 |
-1.73 |
| GBP/USD |
1.2569 |
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-0.35 |
-1.26 |
| GBP/EUR |
1.1736 |
|
0.18 |
1.76 |
| *versus Previous Day's European Open |
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Weekly Market View - 13 February
US fiscal credibility facing scrutiny as election season nears
Demand was strong, resulting in a bid-to-cover ratio of 2.56 and a yield of 4.093%. However, this auction, along with newly published long-term fiscal forecasts, highlights the sustainability of the federal deficit in the long run as we enter the Presidential election season.
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AIB Ireland Services PMI® - January 2024
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.
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ECB Watch - January 2024
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%.
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