Dear Reader,

 

Here is an overview of today's economic news and market action:

  • Risk averse tone to investor sentiment yesterday …
  • Against this backdrop, equity indices fell and market rate hike expectations softened …
  • EUR/USD opens just above the $1.10 threshold …
  • GBP/USD remains in the top half of $1.24-1.25 …
  • EUR/GBP is changing hands up above 88p …
  • US Fed monetary policy announcement due after the close in Europe …
  • Fed widely expected to raise rates by 25bps but signal a pause in its tightening cycle …
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.1018   0.32 2.95
EUR/GBP 0.8823   0.40 -0.24
GBP/USD 1.2486   -0.06 3.22
GBP/EUR 1.1329   -0.40 0.24
*versus Previous Day's European Open

 
 
 
Weekly Market Brief: 01-05 May
 

Sweet Spot

 

There has been a stream of good news flow on the Irish economy in recent weeks culminating in an upgrade to its sovereign debt rating to Aa3 from A1 by Moody’s.
 
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Weekly Market View
 

Saving Grace

 

Despite the double shock of a sharp rise in inflation and much higher interest rates over the past year, as well as a marked slowdown in the global economy, the Irish economy continues to display considerable resilience.
 
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AIB Ireland Manufacturing PMI - April 2023
 

Irish manufacturing sector conditions weaken amid reports of muted customer demand
 
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