Dear Reader,
Today's overview of economic news and market action:
- Some stabilisation to risk appetite yesterday
- Reflected in gains on equity markets
- Bond yields continued to move higher
- US 10-year Treasury reached a 15-year high
- Currency-wise, dollar lost some ground to sterling and the euro
- EUR/USD opens this morning back above $1.09
- Today’s macro diary is sparse with few highlights
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0918 |
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0.36 |
2.02 |
| EUR/GBP |
0.8533 |
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-0.08 |
-3.52 |
| GBP/USD |
1.2792 |
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0.44 |
5.75 |
| GBP/EUR |
1.1712 |
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0.08 |
3.64 |
| *versus Previous Day's European Open |
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ECB Watch - July 2023
ECB raises rates again, leaves options open about further hike
As had been well signalled, the July meeting of the ECB’s Governing Council saw the central bank raise rates by a further 25bps, pushing the key deposit rate up to 3.75%
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Weekly Market View
Sustained uplift in supply still required
Based on underlying demographics, the Irish economy needs at least 30,000 new residential units to be built each year. However, new supply has been running well below this level since 2009, until it jumped sharply to 30,000 units last year.
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