Dear Reader,
Today's overview of economic news and market action:
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- Risk averse mood on markets yesterday …
- Bond yields rose in the US, Eurozone and UK …
- Currency-wise, the dollar was firmly in the ascendancy …
- Sees EUR/USD open down at $1.046, its lowest level since last December …
- USD/GBP is operating below the $1.21 threshold …
- EUR/GBP remains in the 86-87p range …
- Today, the main release will be US Job openings data (Aug) …
- Remarks from ECB Chief Economist Lane will also garner attention …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0465 |
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-0.97 |
-2.21 |
| EUR/GBP |
0.8667 |
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-0.03 |
-2.00 |
| GBP/USD |
1.2072 |
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-0.93 |
-0.21 |
| GBP/EUR |
1.1531 |
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0.03 |
2.04 |
| *versus Previous Day's European Open |
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AIB Irish Manufacturing PMIs
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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 Brief: 2-6 October
When September Ends
September has proved to be the worst month so far in 2023 for bond markets and equities, largely on the back of the “higher-for-longer” mantra from central banks on interest rates.
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BoE Watch - September 2023
BoE holds rates at 5.25% in finely balanced decision
After fourteen consecutive rate hikes, stretching back to December 2021, yesterday’s meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank leave rates unchanged at 5.25%.
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FED Watch - September 2023
Fed leaves rates unchanged in a hawkish hold
As had been well signalled, the US Fed left official interest rates unchanged at the conclusion of its policy meeting.Thus, the target range for the funds rate remains at 5.25-5.50%.
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