Dear Reader,
Today's overview of economic news and market action
- Investor sentiment remained cautious yesterday …
- Against this backdrop, the dollar stayed in the ascendancy …
- The yen was on the defensive, amid dovish remarks from new PM Ishiba …
- Elsewhere, sterling was under some downward pressure overnight …
- EUR/USD opens this morning in the bottom half of $1.10-1.11 …
- GBP/USD is operating back below the $1.32 handle …
- EUR/GBP is in the top half of 83-84p …
- USD/JPY is above the halfway mark of ¥146-147 …
- Today, the US non-manufacturing ISM (Sept) is due …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.1036 |
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-0.24 |
0.00 |
| EUR/GBP |
0.8374 |
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0.44 |
-3.39 |
| GBP/USD |
1.3176 |
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-0.69 |
3.51 |
| GBP/EUR |
1.1938 |
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-0.44 |
3.51 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Budget 2025
Budget 2025 is set against exceptional budget surpluses. The starting point is a nearly €24bn surplus in 2024, including windfall proceeds from Apple Judgement of €14bn this year. The budget surplus is forecast to be €23.7bn in 2024 (7.5% of GNI*), and €9.7bn in 2025 (2.9% of GNI*). However, excluding windfall receipts, the Government will run significant deficits in the coming years
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