Dear Reader,
Today's overview of economic news and market action:
- As expected, the ECB cut interest rates by 25bps yesterday …
- The overarching message from the ECB was that the policy outlook has become less clear …
- However, the central bank maintains a willingness to cut rates again if warranted …
- Elsewhere, the US exempted some Canadian and Mexican goods from tariffs until April 2nd …
- Currency-wise, the euro remained on the front-foot yesterday …
- EUR/USD opens today in the lower half of $1.08-1.09 …
- GBP/USD is operating just above the $1.29 handle …
- Elsewhere, EUR/GBP is changing hands up near the 84p mark …
- Today, the main release will be the US labour market report for February …
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Today's Opening FX Rates
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% Change Day* |
End 2024 |
| EUR/USD |
1.0835 |
|
0.25 |
4.66 |
| EUR/GBP |
0.8394 |
|
0.20 |
1.46 |
| GBP/USD |
1.2904 |
|
0.03 |
3.14 |
| GBP/EUR |
1.1908 |
|
-0.20 |
-1.44 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Irish Economy Watch - February 2025
- Manufacturing PMI rose to 51.3 in January, indicating a first monthly expansion since October
- The services PMI fell to 53.4 in January, consistent with a slower pace of expansion
- Retail sales were 0.4% lower YoY in December
- Housing commencements 12 month running total at 60.6k in January
AIB Ireland Services PMI - February
The AIB Ireland Services PMI® survey data for February indicated further subdued growth of the Irish services economy, with both new business and total activity increasing at the weakest rates in just over a year.
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