Dear Reader,
Here is an overview of today's economic news and market action:
- Risk averse tone to investor sentiment intensified yesterday …
- Sterling on the front foot early on …
- However, as risk appetite soured the dollar gained the ascendancy …
- Sees EUR/USD open down in the lower half of $1.07-1.08 …
- GBP/USD is operating back at the midpoint of $1.23-1.24 …
- EUR/GBP is in and around the 87p handle …
- Focus likely to remain on the US debt ceiling negotiations today …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.0737 |
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-0.38 |
0.33 |
| EUR/GBP |
0.8688 |
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0.24 |
-1.76 |
| GBP/USD |
1.2355 |
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-0.63 |
2.13 |
| GBP/EUR |
1.1506 |
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-0.24 |
1.80 |
| *versus Previous Day's European Open |
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Irish Economy Watch - May 2023
PMI eased back to 48.6 in Apr, indicating a further softening in business conditions. New orders, including exports, and output fell. Meantime, there was a notable easing in inflation Traditional industrial production rose sharply in Mar, leaving it up by 2.3% QoQ and 7% YoY in Q1.
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Weekly Market View
UK Economy Down, But Not Out
The Bank of England’s (BoE) latest set of detailed economic forecasts show it is no longer expecting a recession in the UK. The forecasts are contained in its quarterly Monetary Policy Report for May 2023.
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Weekly Market Brief: 22-26 May
Life in the old buck yet
The dollar was in the ascendancy from mid-2021 through to autumn 2022 as hikes in US interest rates, rising US bond yields and elevated geo-political tensions drove the currency to twenty year highs
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