Dear Reader,

 

Today's overview of economic news and market action

  • Investor sentiment soured overnight …
  • Meantime, Brent crude oil prices rose above $90 per barrel …
  • Currency-wise, the main FX pairs were range bound …
  • The dollar was under pressure early on, before gaining the upper hand overnight …
  • Sees EUR/USD open in the lower half of $1.08-1.09 …
  • GBP/USD is near $1.26 …
  • EUR/GBP remains in the 85-86p …
  • Today, the US labour market report for March is due …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2023
EUR/USD 1.0829   -0.11 -1.88
EUR/GBP 0.858   0.13 -1.02
GBP/USD 1.2619   -0.26 -0.86
GBP/EUR 1.1649   -0.13 1.03
*versus Previous Day's European Open
 
AIB Ireland Services PMI® March 2024
 

Service sector gains growth momentum in March

 

The latest AIB PMI® survey data indicated a further acceleration in Irish service sector growth in March, following February's rebound in growth.
 
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Bank of England Watch - March 2024
 

BoE gradually moving towards cutting interest rates

 

The March meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank keep its key interest rate unchanged at 5.25%. This decision was very much in line with market expectations.
 
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Fed Watch - March 2024
 

Fed primed for 75bps of cuts in 2024, starting in summer 

 

The US Federal Reserve Open Market Committee’s second meeting of 2024 saw its key interest rate left on hold last night. The target range for the Fed funds rate remains at 5.25-5.50%, a 22-year high. 
 
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Irish Economy Watch - March
 

PMI jumped to 52.2 in Feb, its highest level since June 2022. A sharp rise in output and employment, alongside growth in new orders were the key features of the survey.
 
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