Dear Reader,
Here is an overview of today's economic news and market action:
- Equity markets stabilised yesterday …
- Market rate hike expectations continued to firm …
- However, the action on currency markets was confined to tight ranges …
- Sees EUR/USD open this morning in the lower half of $1.07-1.08 ….
- GBP/USD remains near the midpoint of $1.23-1.24 …
- EUR/GBP is just below the 87p handle …
- US core-PCE inflation (April) the main data highlight today …
- US debt ceiling talks also in focus, with reports that a deal could be close …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.0735 |
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0.01 |
0.31 |
| EUR/GBP |
0.8694 |
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-0.02 |
-1.70 |
| GBP/USD |
1.2346 |
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0.05 |
2.06 |
| GBP/EUR |
1.15 |
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0.02 |
1.73 |
| *versus Previous Day's European Open |
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Irish Economy Watch - May 2023
PMI eased back to 48.6 in Apr, indicating a further softening in business conditions. New orders, including exports, and output fell. Meantime, there was a notable easing in inflation Traditional industrial production rose sharply in Mar, leaving it up by 2.3% QoQ and 7% YoY in Q1.
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Weekly Market View
UK Economy Down, But Not Out
The Bank of England’s (BoE) latest set of detailed economic forecasts show it is no longer expecting a recession in the UK. The forecasts are contained in its quarterly Monetary Policy Report for May 2023.
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Weekly Market Brief: 22-26 May
Life in the old buck yet
The dollar was in the ascendancy from mid-2021 through to autumn 2022 as hikes in US interest rates, rising US bond yields and elevated geo-political tensions drove the currency to twenty year highs
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