Dear Reader,

 

Today's overview of economic news and market action:

 

    • Relatively calm mood on markets last week …
    • Sovereigns rose across the board, amid a firming in rate expectations …
    • UK sovereign yields moved higher than elsewhere …
    • Against this backdrop, sterling was in the ascendancy …
    • Sees EUR/GBP open back below 87p …
    • GBP/USD is operating up above $1.26 …
    • EUR/USD is at the midpoint of $1.09-1.10 …
    • Busy calendar on both sides of the Atlantic this week, with inflation data in focus …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0950    0.37 2.32
EUR/GBP 0.8675    -0.24  -1.91 
GBP/USD 1.2619    0.59 4.32
GBP/EUR 1.1520    0.24 1.95
*versus Previous Day's European Open
 
Weekly Market Brief: 27 Nov - 1 Dec
 

Best in class

 

This week, the focus will firmly be on inflation in the US, where the latest PCE inflation figures are due for release.
 
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FED Watch - November 2023
 

Fed holds rates steady at 22-year high for second meeting

 

The Fed has enacted 525bps worth of rate increases since it commenced tightening policy in March 2022. The last rate rise came in July, with a 25bps hike.
 
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BoE Watch - November
 

BoE holds rates at 5.25% for a second straight meeting


This decision was very much in line with market expectations. It marks the second meeting in-a-row where the BoE has remained on hold. Its previous meeting in September represented its first pause after hiking for fourteen consecutive meetings, dating back to December 2021. 
 
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AIB Ireland Services PMI® - October 2023
 

Service sector growth loses further momentum in October

 

Growth of services activity in Ireland was sustained at the start of the final quarter of 2023, according to the latest AIB PMI® survey data. That said, the rate of expansion slowed for the sixth month running and was the second-weakest over the current 32-month upturn.
 
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