Dear Reader,

Today's overview of economic news and market action

• There was a busy macro calendar yesterday …
• In the UK, the Autumn Budget coincide with some volatility for Gilts …
• Meanwhile, Eurozone GDP printed ahead of the consensus, rising by 0.3% in Q3 …
• US GDP rose by 2.8% annualised in Q3 (vs. +3.0% f’cast) …
• Against this backdrop, the euro was on the front-foot yesterday …
• This sees EUR/USD open in the top half of $1.08-1.09 …
• EUR/GBP is operating above the midpoint of 83-84p …
• Today, updates on inflation in the Eurozone and US are due …

All rates quoted are indicative market rates.

Growth in Ireland’s key trading partners uneven, geopolitical risks to the fore. Irish economy expected to grow at a moderate pace in the coming years. Households remain cautious in spending patterns. US dollar dominance tested by macro trends.

The October meeting of the ECB’s Governing Council saw the central bank cut interest rates for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was decreased to 3.40%. Today’s policy easing represents the first consecutive rate cuts from the ECB in 13 years, as it also lowered rates at its previous meeting in September.