Dear Reader,
Today's overview of economic news and market action
- Despite a cautious tone during parts of last week, equity markets moved higher on both sides of the Atlantic …
- Currency-wise, the main FX pairs were relatively range bound over the period …
- Of the limited moves to note, the dollar was holding a slightly firmer tone …
- This sees EUR/USD open this morning in the lower half of $1.09-1.10 …
- GBP/USD is back closer to the midpoint of $1.30-1.31 …
- EUR/GBP remains in the top half of the 83-84p band …
- Turning to the week ahead, the main focus will be on the ECB meeting …
- Elsewhere, there are busy data schedules in the US, and particularly in the UK …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.093 |
|
-0.04 |
-0.96 |
| EUR/GBP |
0.8361 |
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-0.23 |
-3.54 |
| GBP/USD |
1.3068 |
|
0.15 |
2.66 |
| GBP/EUR |
1.1955 |
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0.23 |
3.67 |
| *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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AIB Ireland Manufacturing PMI® - September
Irish manufacturers experienced another decline in new work during September, driven by the fastest fall in export sales for five months. Subdued customer demand led to a renewed decline in production volumes and cutbacks to staffing numbers.
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AIB Ireland Services PMI® - September
Irish services activity increased at the strongest rate in six months in September as cost pressures eased, the latest AIB PMI® survey data showed. Growth of both new business and employment moderated, coming in slightly below their long-run trends, but outstanding work increased solidly and the 12-month outlook rebounded since August.
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