Dear Reader,

Here is an overview of today's economic news and market action:

• Cautious mood on markets last week  …
• Currency-wise, Trading conditions have been choppy …
• EUR/USD opens this morning in the top half of $1.09-1.10 …
• GBP/USD is operating just below $1.25 …
• EUR/GBP is changing hands back below 88p …
• Flash Eurozone HICP inflation the main highlight today …
• Later in the week, the US Fed and ECB are both expected to raise rates by 25bps …

Sweet Spot

There has been a stream of good news flow on the Irish economy in recent weeks culminating in an upgrade to its sovereign debt rating to Aa3 from A1 by Moody’s.

Saving Grace

Despite the double shock of a sharp rise in inflation and much higher interest rates over the past year, as well as a marked slowdown in the global economy, the Irish economy continues to display considerable resilience.

Irish manufacturing sector conditions weaken amid reports of muted customer demand