Dear Reader,

 

Today's overview of economic news and market action

  • ECB left monetary policy on hold yesterday …
  • Remarks from President Lagarde suggest an April rate cut is unlikely …
  • In the initial aftermath, Eurozone futures contracts and the euro softened …
  • However, the euro erased its losses, while the dollar came under some downward pressure …
  • Sees EUR/USD open in the $1.09-1.10 range …
  • GBP/USD is at the $1.28 threshold …
  • EUR/GBP remains between 85-86p …
  • Today, the US labour market report is due …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0935   0.33 -0.92
EUR/GBP 0.8540   -0.22 -1.48
GBP/USD 1.2801   0.55 0.57
GBP/EUR 1.1704   0.22 1.50
*versus Previous Day's European Open
 
New Episode of AIB's Market Talk Podcast
 

February PMIs – Green Shoots

 

AIB’s Chief Economist David McNamara, and AIB Treasury’s Cormac Cunnane, discuss the positive spring outlook in the February AIB Ireland Manufacturing & Services sector Purchase Managers Index Reports.
 
Listen Here
 
 
 
AIB Ireland Manufacturing PMI® - February 2024
 

The latest AIB Ireland Manufacturing PMI® survey indicated strengthening business conditions, with production growth accelerating to the highest for 22 months amid a renewed improvement in order books. Staffing numbers also expanded in February as manufacturers sought to boost production schedules and support long-term business development plans.
 
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AIB Ireland Services PMI® - February 2024
 

Service sector growth and inflation strengthen in February

 

The latest AIB PMI® survey data indicated resurgent service sector growth in February, accompanied by rising price pressures. Total activity and new business both rose at the fastest rates since last September, driving the sharpest rate of job creation for eight months.
 
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Weekly Market Brief: 4 - 8 March
 

Ireland’s Volatile Growth Metrics

 

Ireland’s latest national accounts data for Q4 2023 reveal a sharp fall in growth, with GDP declining by 3.2% in 2023, revised down from a provisional estimate of -1.9%. 
 
Read More