Dear Reader,
Today's overview of economic news and market action:
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- Stock markets lost some ground last week …
- Meantime, the dollar remained in the ascendancy on currency markets …
- Sees EUR/USD open in the lower half of $1.07-1.08 …
- GBP/USD is operating near the $1.25 threshold …
- EUR/GBP is in the top half of 85-86p …
- This week, the focus will be on the ECB meeting on Thursday ….
- Market pricing is leaning towards the ECB putting policy on hold, but decision will be a close call …
- Data-wise, UK labour market and GDP (Jul), and US CPI inflation (Aug) are due …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0727 |
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0.14 |
0.23 |
| EUR/GBP |
0.8574 |
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-0.02 |
-3.05 |
| GBP/USD |
1.251 |
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0.16 |
3.41 |
| GBP/EUR |
1.1658 |
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0.02 |
3.15 |
| *versus Previous Day's European Open |
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Weekly Market Brief: 11-15 September
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Some Buck
Although the US dollar has retreated from last year’s peaks, which saw it reach its highest level on a trade-weighted basis in 20 years, it has remained at very elevated levels in 2023.
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Strong expansion in Ireland's service sector in August
AIB Ireland Services PMI - August
Strong growth in the Irish service sector was sustained during August with the latest AIB PMI® survey data marking exactly two-and-a-half years of successive monthly improvements in business activity, new business, and employment.
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Weekly Market View
Downside Risks Still Prevail for Global Economy
Surging inflation combined with a marked tightening of monetary policy, amid an environment of weakening confidence levels and heightened geo-political tensions, especially in relation to Ukraine, saw the world economy slow sharply during 2022. However, concerns that advanced economies could be facing a recession in 2023 have largely abated.
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