Dear Reader,
Today's overview of economic news and market action
- Softer tone to sterling over the past 24 hours
- It followed lower than forecast UK inflation
- At the same time, dollar has maintained some upward momentum
- EUR/GBP opens at midpoint of 83-84p, GBP/USD below $1.30
- Meanwhile, EUR/USD changing hands at $1.085
- Today’s ECB meeting provides event risk for the euro
- Data-wise, all main releases are US based, including retail sales (Sept)
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0852 |
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-0.34 |
-1.67 |
| EUR/GBP |
0.8358 |
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0.36 |
-3.58 |
| GBP/USD |
1.2983 |
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-0.69 |
2.00 |
| GBP/EUR |
1.1963 |
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-0.36 |
3.71 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Budget 2025
Budget 2025 is set against exceptional budget surpluses. The starting point is a nearly €24bn surplus in 2024, including windfall proceeds from Apple Judgement of €14bn this year. The budget surplus is forecast to be €23.7bn in 2024 (7.5% of GNI*), and €9.7bn in 2025 (2.9% of GNI*). However, excluding windfall receipts, the Government will run significant deficits in the coming years
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AIB Ireland Manufacturing PMI® - September
Irish manufacturers experienced another decline in new work during September, driven by the fastest fall in export sales for five months. Subdued customer demand led to a renewed decline in production volumes and cutbacks to staffing numbers.
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AIB Ireland Services PMI® - September
Irish services activity increased at the strongest rate in six months in September as cost pressures eased, the latest AIB PMI® survey data showed. Growth of both new business and employment moderated, coming in slightly below their long-run trends, but outstanding work increased solidly and the 12-month outlook rebounded since August.
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