Dear Reader,

 

Today's overview of economic news and market action:

  • Price action on markets remained muted yesterday …
  • The Euro Stoxx 50 fell by 0.3%, while the S&P 500 gained 0.8% …
  • Currency-wise, the dollar was under some slight downward pressure …
  • Elsewhere, the yen was on the defensive overnight …
  • Sees EUR/USD open up nearer the $1.08 threshold …
  • EUR/GBP remains between 85-86p …
  • GBP/USD is in the lower half of $1.26-1.27 …
    EUR/JPY is up at the midpoint of ¥160-161 …
  • Quiet data schedule ahead again today …
 
Continue Reading
 
Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0784   0.20 -2.28
EUR/GBP 0.8537   -0.01 -1.51
GBP/USD 1.2629   0.20 -0.79
GBP/EUR 1.1707   0.01 1.53
*versus Previous Day's European Open
 
 
AIB Ireland Manufacturing PMI® - January 2024
 

Stronger export sales boost manufacturing production in January

 

Manufacturing output rose to the greatest extent since May 2022, albeit only marginally, accordingly to the latest AIB Ireland Manufacturing PMI®. Production growth was supported by an increase in new work from abroad, alongside efforts to clear backlogs.
 
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AIB Ireland Services PMI® - January 2024
 

Service sector growth slows to near-three year low

 

The first batch of AIB PMI® survey data for 2024 signalled a loss of momentum in Irish service sector activity, albeit still extending the current growth sequence that began in March 2021. Rates of expansion in total activity and new business both slowed on the month, with the former rising at the weakest pace in the current upturn.
 
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ECB Watch - January 2024
 

ECB on hold for third straight meeting

 

The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.
 
Read More
 
New Episode of AIB's Market Talk Podcast
 
Listen to the latest economic updates with Chief Economist David McNamara and Treasury’s Jane Kavanagh in a new episode of AIB's Market Talk. This week the team look at the mixed outlook in the January AIB Ireland Manufacturing and Services Purchase Managers Index Reports.
 
Listen Here