Dear Reader,

 

Today's overview of economic news and market action

  • Relatively quiet start to the week on markets …
  • Currency-wise, the main FX pairs operated in tight ranges …
  • Of the limited action to register, the dollar was under some marginal downward pressure …
  • However, the greenback recouped its losses overnight …
  • In level terms EUR/USD opens in the upper half of $1.08-1.09 …
  • GBP/USD is near the midpoint of $1.28-1.29 …
  • EUR/GBP is at the 84p handle …
  • Today, the German ZEW (July) and US retail sales (June) will be the highlights …
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.0883   -0.08 -1.39
EUR/GBP 0.84   0.07 -3.09
GBP/USD 1.2954   -0.14 1.77
GBP/EUR 1.1899   -0.07 3.19
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
Weekly Market Brief: 15 - 19 July
 

Goldilocks? Government sets Budget parameters

 

The recently released Summer Economic Statement set the boundaries for the upcoming Irish Budget in October, with the Government announcing a planned budget day package of €8.3bn (3% of GNI*). The majority of this is for spending measures (€6.9bn) with the remainder (€1.4bn) expected to fund income tax cuts.
 
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