Dear Reader,

 

Today's overview of economic news and market action:

 

  • Another very quiet macro calendar yesterday
  • Resulted in largely uneventful mood to investor sentiment
  • However, on commodity markets, oil prices continued to fall
  • Meanwhile, Bond yields remained on a downward trajectory
  • Currency-wise, main pairs remained confined to narrow ranges 
  • EUR/USD opens this morning, just above $1.07, EUR/GBP is in 87p territory
  • Ahead today, it is another very sparse macro data diary
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0704   0.19 0.02
EUR/GBP 0.8717   0.15 -1.44
GBP/USD 1.2282   0.06 1.53
GBP/EUR 1.147   -0.15 1.46
*versus Previous Day's European Open
 
Weekly Market Brief: 6-10 November
 

Singing from the Same Hymn Sheet 


We have seen big movements in bond and equity markets so far this year, with considerable volatility also, amid mixed signals from economic data and changes in expectations on the outlook for interest rates.
 
Read More
 
 
 
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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