Dear Reader,

 

Today's overview of economic news and market action:

  • Very quiet macro data calendar yesterday
  • No top tier releases for markets to digest
  • Overall though, generally positive tone to risk appetite
  • On the currency front, the  action was within narrow ranges
  • Sterling has been firmer though over the past 24 hours
  • GBP/USD has regained the $1.26 level
  • Elsewhere, EUR/USD remains pinned down below $1.08
  • Today’s macro data schedule remains sparse
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0768   0.15 -2.43
EUR/GBP 0.8531   -0.41 -1.58
GBP/USD 1.2617   0.53 -0.88
GBP/EUR 1.1715   0.41 1.61
*versus Previous Day's European Open
 
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
 
 
 
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.
 
Read More
 
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.
 
Read More
 
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