Dear Reader,

 

Today's overview of economic news and market action

  • Further improvement in investor sentiment yesterday
  • Reflected in strong gains on the main equity indices
  • Data-wise, some positive macro news from the UK and Eurozone
  • Currency-wise, sterling and euro gained versus dollar
  • EUR/USD edged back up nearer to $1.07
  • The firmer sterling tone saw EUR/GBP trading just below 86p
  • Today’s macro highlights are the German Ifo (Apr) and US durable goods (Mar)
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2023
EUR/USD 1.0695   0.39 -3.09
EUR/GBP 0.8593   -0.36 -0.87
GBP/USD 1.2444   0.76 -2.24
GBP/EUR 1.1631   0.36 0.87
*versus Previous Day's European Open
 
 
Irish Economy Watch - April
 

PMI fell to 49.6 in Mar. The slight decline reflected a fall in new business and output and a sharp drop in sentiment. Meantime, inflationary pressures in the sector continued to build
 
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ECB Watch - April 2024
 

ECB signals June rate cut on the cards


As widely anticipated, the ECB’s Governing Council meeting for April saw the central bank maintain its key deposit rate at 4%. It marked the fifth consecutive policy meeting that the ECB has kept rates unchanged. There was “consensus” rather than unanimity within the Governing Council on the decision.
 
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Weekly Market Brief : April 22 - 26
 

Geopolitical Tension to the Fore Once Again

 

This week was very much characterised by “risk-off” sentiment in markets, as rising geopolitical tensions boosted safe haven assets. 
 
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