Dear Reader,
Today's overview of economic news and market action
- Positive tone to investor sentiment last week
- Reflected in strong gains from some of main equity indices
- Currency-wise, most of majors confined to narrow ranges
- EUR/USD operated within the $1.07-1.08 band
- EUR/GBP spent most of the week in and around the 86p level
- Busy US and UK macro diary this week
- A lot of focus will be on Wednesday’s US CPI inflation data for April
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0772 |
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0.00 |
-2.39 |
| EUR/GBP |
0.8598 |
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-0.10 |
-0.81 |
| GBP/USD |
1.2528 |
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0.10 |
-1.58 |
| GBP/EUR |
1.1626 |
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0.10 |
0.81 |
| *versus Previous Day's European Open |
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Weekly Market Brief: 13 - 17 May
Bank of England on the cusp of rate cuts
The May meeting of the Monetary Policy Committee (MPC) was an important staging post towards a first rate cut this summer. To recap, the Bank published its MPC statement and minutes, as well as its latest Monetary Policy Report (MPR).
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Bank of England Watch - May 2024
BoE opens door to possible rate cut in June
The May 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 outcome was very much in line with market expectations. It marked the sixth consecutive meeting where the BoE has remained on hold. Once again, the voting breakdown today showed the MPC remained split on its rate decision.
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AIB Ireland Services PMI®
Services activity rises more slowly in April
The latest AIB PMI® survey data indicated a further rise in Irish service sector output in April, but the rate of growth was the slowest since January. New business growth also eased since March, contributing to a softer rate of job creation.
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AIB Ireland Manufacturing PMI®
Steepest fall in new orders since December 2022
AIB Ireland Manufacturing PMI® data signalled a sustained reduction in output volumes and incoming new work during April, with both rates of decline accelerating since the previous survey period. Total new business decreased to the greatest extent for 16 months, in part reflecting a sharp fall in export sales.
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