Dear Reader,

 

Today's overview of economic news and market action:

 

    • Mixed mood on markets last week … 
    • Bond yields moved lower, amid volatile trading … 
    • Decline in US Treasury yields weighed on the dollar initially …
    • However, the greenback regained momentum after US CPI inflation release …
    • Sees EUR/USD open this morning in the lower half of S1.05-1.06 … 
    • GBP/USD is in the top half of $1.21-1.22 … 
    • EUR/GBP is at the midpoint of 86-87p …
    • Busy UK macro schedule this week include CPI and wage inflation data …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0533   -0.14 -1.58
EUR/GBP 0.8653   0.12 -2.16
GBP/USD 1.2167   -0.30 0.58
GBP/EUR 1.1549   -0.12 2.21
*versus Previous Day's European Open
 
Weekly Market Brief: 16-20 October
 
 

Sweet Spot

 

In recent years, the Irish public finances have been faced with the need to provide for short-term but often substantial government expenditure policy responses to a number of external shocks, including Brexit, COVID-19 and both the Ukrainian humanitarian and Cost of Living crises.
 
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AIB Irish Manufacturing PMIs
 

Renewed downturn in manufacturing performance as lower export sales hit total order books

 

Subdued global demand conditions and customer destocking were factors holding back new business intakes. As a result, export sales resumed their downward trend in September, largely driven by falling spending by European clients.
 
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Weekly Market View - 10 October
 

Inflation on Downward Path

 

The ‘higher for longer’ outlook for interest rates has been the key factor behind the big movements in financial markets in recent weeks. 
 
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Budget 2024
 

 Strong Public Finances

Today’s budget contained a fresh package of cost of living support measures totalling €2.7bn that will be rolled out over the winter months. These are mainly taking the form of direct household payments and energy credits. The Government is also providing an additional €6.4bn in other spending increases and tax cuts for next year. 
 
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