Dear Reader,

Today's overview of economic news and market action

• Investor sentiment was holding a mixed tone yesterday, amid a relatively quiet day on markets …
• On the currency front, the main pairs continued to operate within quite narrow ranges …
• Of the limited price action to note, there was a marginally firmer tone to sterling …
• This is evidenced by EUR/GBP opening today down nearer to the 83p threshold …
• GBP/USD is changing hands up above the $1.30 handle also …
• At the same time, EUR/USD is operating north of the $1.08 mark …
• Today, the main focus will be on the UK Budget …
• Data-wise, the first readings of GDP for Q3 in the Eurozone and US are due …

All rates quoted are indicative market rates.

Growth in Ireland’s key trading partners uneven, geopolitical risks to the fore. Irish economy expected to grow at a moderate pace in the coming years. Households remain cautious in spending patterns. US dollar dominance tested by macro trends.

The October meeting of the ECB’s Governing Council saw the central bank cut interest rates for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was decreased to 3.40%. Today’s policy easing represents the first consecutive rate cuts from the ECB in 13 years, as it also lowered rates at its previous meeting in September.