Dear Reader,
Today's overview of economic news and market action
- Dollar continued to hold the upper hand last week
- Supported by better than forecast US macro data
- Euro was on the defensive amid a dovish ECB
- For sterling, better than expected data helped it heading into weekend
- EUR/USD opens at midpoint of $1.08-1.09
- EUR/GBP is in the lower half of 83-84p
- This week’s macro highlights include the flash PMIs for October
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0853 |
|
0.12 |
-1.66 |
| EUR/GBP |
0.8326 |
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0.02 |
-3.95 |
| GBP/USD |
1.3037 |
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0.12 |
2.42 |
| GBP/EUR |
1.2008 |
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-0.02 |
4.11 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Weekly Market Brief: 21 - 25 Oct
Growth concerns driving the ECB
The ECB policy meeting for October marked a firm shift in the focus of the Governing Council away from inflation
towards growth concerns in the Eurozone. As outlined in our ECB Watch publication, the central bank cut interest rates
for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was
decreased to 3.40%.
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ECB Watch - October 2024
The October meeting of the ECB’s Governing Council saw the central bank cut interest rates for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was decreased to 3.40%. Today’s policy easing represents the first consecutive rate cuts from the ECB in 13 years, as it also lowered rates at its previous meeting in September.
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