Dear Reader,

 

Today's overview of economic news and market action:

 

  • Positive mood on markets yesterday …
  • Bond yields continued to decline across the board …
  • Meantime, the BoE left monetary policy in hold …
  • Currency-wise, the main pairs were relatively range bound …
  • Dollar slightly weaker, as evidenced by EUR/USD opening today above $1.06 …
  • GBP/USD is operating just above the $1.22 threshold …
  • EUR/GBP remains in and around the 87p handle …
  • Today, the main highlight will be the US labour market report for October …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0632   0.34 -0.65
EUR/GBP 0.8708   0.13 -1.54
GBP/USD 1.2208   0.22 0.92
GBP/EUR 1.1478   -0.13 1.56
*versus Previous Day's European Open
 
AIB Ireland Services PMI® - October 2023
 
 

Service sector growth loses further momentum in October

 

Growth of services activity in Ireland was sustained at the start of the final quarter of 2023, according to the latest AIB PMI® survey data. That said, the rate of expansion slowed for the sixth month running and was the second-weakest over the current 32-month upturn.
 
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FED Watch - November 2023
 

Fed holds rates steady at 22-year high for second meeting

 

The Fed has enacted 525bps worth of rate increases since it commenced tightening policy in March 2022. The last rate rise came in July, with a 25bps hike.
 
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BoE Watch - November
 

BoE holds rates at 5.25% for a second straight meeting


This decision was very much in line with market expectations. It marks the second meeting in-a-row where the BoE has remained on hold. Its previous meeting in September represented its first pause after hiking for fourteen consecutive meetings, dating back to December 2021. 
 
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AIB Ireland Manufacturing PMI® - October 2023
 

Sharpest fall in production since July as sluggish demand conditions persist

 

Business conditions across the Irish manufacturing sector weakened to the greatest extent for three months in October as subdued export demand, customer destocking and lacklustre global economic conditions weighed on sales.
 
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