Dear Reader,

 

Today's overview of economic news and market action:

 

    • Higher yields continued to impact market sentiment last week 
    • 10-year US Treasury yield up near to 4.8%
    • Mixed performance from equity markets
    • Currency-wise, dollar held upper hand in the early part of the week
    • However, both the euro and sterling recovered ground later in the week
    • EUR/USD opens this morning above $1.05
    • Data-wise, US CPI (Sept) and UK GDP (Aug) are key highlights this week
    • Fed meeting minutes and ECB meeting account will also warrant attention
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0545   0.07 -1.47
EUR/GBP 0.8638   -0.18 -2.33
GBP/USD 1.2205   0.25 0.89
GBP/EUR 1.1573   0.19 2.38
*versus Previous Day's European Open
 
Weekly Market Brief: 9-13 October
 
 

The Road to Damascus

 

The ‘higher for longer’ outlook for interest rates has been the key factor behind major movements in financial markets in recent weeks. 
 
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AIB Irish Services PMI
 

Growth in services activity slowest since start of 2023

 

The latest AIB PMI® survey data signalled sustained growth in the Irish service sector in September, with further solid increases in total activity and new business.
 
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AIB Irish Manufacturing PMIs
 

Renewed downturn in manufacturing performance as lower export sales hit total order books

 

Subdued global demand conditions and customer destocking were factors holding back new business intakes. As a result, export sales resumed their downward trend in September, largely driven by falling spending by European clients.
 
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BoE Watch - September 2023
 

BoE holds rates at 5.25% in finely balanced decision


After fourteen consecutive rate hikes, stretching back to December 2021, yesterday’s meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank leave rates unchanged at 5.25%.
 
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