Dear Reader,
Today's overview of economic news and market action
- Plenty for markets to ponder last week
- Currency-wise, the dollar was holding a softer tone
- Weaker US data weighed on the greenback
- Sterling got a mild post-election bounce
- Relatively muted euro reaction to overnight French election
- EUR/USD starts this morning above $1.08
- This week’s data highlights are UK GDP (May) and US CPI (June)
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0816 |
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-0.04 |
-1.99 |
| EUR/GBP |
0.8446 |
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-0.33 |
-2.56 |
| GBP/USD |
1.2806 |
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0.30 |
0.60 |
| GBP/EUR |
1.1835 |
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0.33 |
2.63 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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AIB Ireland Manufacturing PMI® June
AIB Ireland Manufacturing PMI® data indicated a deeper deterioration in operating conditions across the Irish manufacturing sector in June. The downturn was the most severe in nearly a year as underlying demand trends continued to worsen and thereby resulted in sharper contractions in new factory orders and production.
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AIB Ireland Services PMI® June
AIB PMI® survey data indicated a loss of growth momentum in the Irish service sector in June, accompanied by waning inflationary pressures. The expansion in total activity eased since May as new business rose at the slowest rate since January, while input prices increased at the softest rate since February 2021.
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Irish Economy Watch - June 2024
Consumer prices rose by 0.5% in May, amid an increase in transport and hospitality costs. However, the YoY rate stayed at 2.6%. Consumer sentiment declined, albeit marginally, for a fourth consecutive month in May. Revisions to the data show the unemployment rate averaged 4.2% in Q1’24 down from 4.5% in Q4’23. On a monthly basis, it has printed at 4.0% in Mar-May.
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