Dear Reader,

 

Today's overview of economic news and market action:

 

    • ECB left interest rate policy on hold yesterday, as expected …
    • Market reaction to the meeting was somewhat muted …
    • Overall, the main FX pairs were range bound yesterday …
    • As trading gets underway today, EUR/USD is near the midpoint of $1.05-1.06 … 
    • GBP/USD is operating up above $1.21 … 
    • EUR/GBP remains in and around the 87p mark …
    • There is a busy US data schedule today to round out the week …
 
Continue Reading
 
Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0557   0.13 -1.35
EUR/GBP 0.8709   -0.22 -1.53
GBP/USD 1.212   0.35 0.19
GBP/EUR 1.1477   0.22 1.55
*versus Previous Day's European Open
 
ECB Watch - October 2023
 
 

Markets expect rate cuts in 2024 as recession risks rise

The October meeting of the ECB’s Governing Council saw the Central Bank maintain its key deposit rate at 4%, which was very much in line with expectations.
 
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Budget 2024
 

 Strong Public Finances

Today’s budget contained a fresh package of cost of living support measures totalling €2.7bn that will be rolled out over the winter months. These are mainly taking the form of direct household payments and energy credits. The Government is also providing an additional €6.4bn in other spending increases and tax cuts for next year. 
 
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Irish Economy Watch - October 2023
 

PMI declined to 49.6 in Sep, indicating business conditions deteriorated slightly. New orders fell, including export orders. Output contracted for a seventh month running.
 
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Weekly Market Brief: 23-27 October
 

Back in the Pack

 

Fears that the UK could have entered recession by now have not come to pass, with the economy displaying unexpected resilience over the past year.
 
Read More