Dear Reader,

 

Today's overview of economic news and market action:

 

    • Relatively quiet day on markets yesterday, with the US out for Thanksgiving …
    • UK flash PMIs printed ahead of expectations in November …
    • Data coincided a hardening in UK rate expectations, which pushed Gilt yields higher …
    • Against this backdrop, sterling rose by circa 0.2% …
    • Sees EUR/GBP open today back near 87p …
    • GBP/USD is in the lower half of $1.25-1.26 …
    • EUR/USD remains just above $1.09 …
    • Today, German Ifo and US flash PMIs (both Nov) will feature …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0909    0.00  1.93 
EUR/GBP 0.8705    -0.15  -1.57 
GBP/USD 1.2529    0.15 3.57 
GBP/EUR 1.1484    0.15 1.60 
*versus Previous Day's European Open
 
Weekly Market Brief: 20-24 November
 

Sense and Sensitivity


There was a clear example in the past week of the sensitivity of financial markets to data releases which form a crucial input into the policy deliberations of central bank 
 
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FED Watch - November 2023
 

Fed holds rates steady at 22-year high for second meeting

 

The Fed has enacted 525bps worth of rate increases since it commenced tightening policy in March 2022. The last rate rise came in July, with a 25bps hike.
 
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BoE Watch - November
 

BoE holds rates at 5.25% for a second straight meeting


This decision was very much in line with market expectations. It marks the second meeting in-a-row where the BoE has remained on hold. Its previous meeting in September represented its first pause after hiking for fourteen consecutive meetings, dating back to December 2021. 
 
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AIB Ireland Services PMI® - October 2023
 

Service sector growth loses further momentum in October

 

Growth of services activity in Ireland was sustained at the start of the final quarter of 2023, according to the latest AIB PMI® survey data. That said, the rate of expansion slowed for the sixth month running and was the second-weakest over the current 32-month upturn.
 
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