Dear Reader,

 

Today's overview of economic news and market action:

 

    • Mixed mood on markets yesterday …
    • Bond yields rose across the board, most notably in the US …
    • Main FX pairs range bound yesterday, but dollar strengthens overnight …
    • Sees EUR/USD open this morning in the bottom half of $1.05-1.06 .. 
    • GBP/USD is back below the $1.21 threshold also … 
    • EUR/GBP remains above the 87p mark …
    • Today, the ECB is widely expected to leave policy on hold …
    • Busy US schedule includes US GDP (Q3) & durable goods (Sep)
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0534   -0.66 -1.57
EUR/GBP 0.8724   0.16 -1.36
GBP/USD 1.2072   -0.85 -0.21
GBP/EUR 1.1456   -0.16 1.38
*versus Previous Day's European Open
 
 
Budget 2024
 

 Strong Public Finances

Today’s budget contained a fresh package of cost of living support measures totalling €2.7bn that will be rolled out over the winter months. These are mainly taking the form of direct household payments and energy credits. The Government is also providing an additional €6.4bn in other spending increases and tax cuts for next year. 
 
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Irish Economy Watch - October 2023
 

PMI declined to 49.6 in Sep, indicating business conditions deteriorated slightly. New orders fell, including export orders. Output contracted for a seventh month running.
 
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Weekly Market Brief: 23-27 October
 

Back in the Pack

 

Fears that the UK could have entered recession by now have not come to pass, with the economy displaying unexpected resilience over the past year.
 
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