Dear Reader,

 

Here is an overview of today's economic news and market action:

  • Overnight, Fed raised rates by 25bps as expected …
  • Fed also opened the door to pausing its current tightening cycle …
  • Meanwhile, further stresses in the US banking sector emerged overnight …
  • Against this backdrop, the dollar was under downward pressure …
  • Sees EUR/USD open in the top half of $1.10-1.11 …
  • GBP/USD is near a new YTD high of $1.259 …
  • EUR/GBP remains in the 88-89p corridor …
  • Market spotlight shifts to the ECB today …
  • ECB expected to raise rates by 25bps …
 
Continue Reading
 
Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.1083   0.57 3.56
EUR/GBP 0.8807   -0.19 -0.42
GBP/USD 1.2583   0.78 4.02
GBP/EUR 1.1353   0.19 0.42
*versus Previous Day's European Open

 
 
 
AIB Ireland Services PMI - April 2023
 

Sharpest growth in new orders in a year 

Following March’s softer upturn, the Irish service sector regained growth momentum at the start of the second quarter of the year.

 
 
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AIB Ireland Manufacturing PMI - April 2023
 

Irish manufacturing sector conditions weaken amid reports of muted customer demand
 
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Weekly Market View
 

Saving Grace

 

Despite the double shock of a sharp rise in inflation and much higher interest rates over the past year, as well as a marked slowdown in the global economy, the Irish economy continues to display considerable resilience.
 
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