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Dear Reader,

 

Today's overview of economic news and market action: 

  • Focus for markets yesterday was US inflation data
  • The numbers showed no noticeable tariff related impact
  • As a result, US rate expectations and the dollar softened
  • EUR/USD opens this morning in the upper half of $1.16-1.17
  • Elsewhere, EUR/GBP remains in a tight range near the midpoint of 86-87p
  • Today’s macro diary is very sparse
 
Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1678    0.44 12.80
EUR/GBP 0.8646    -0.05  4.51
GBP/USD 1.3505    0.51  7.95
GBP/EUR 1.1563   0.05 -4.31
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
 
 
AIB Irish Economy Update 2025
 

The Summer Economic Statement (SES) and National Development Plan (NDP) are key milestones towards Budget 2026. The SES sets out the fiscal boundaries of the Budget 2026 package to be announced in the autumn, while the NDP outlines the Government’s medium-term infrastructure priorities.
 
 
ECB Watch July 2025
 
 

The July ECB Governing Council meeting saw the central bank leave interest rates on hold. The deposit and refi rates were maintained at 2.00% and 2.15%, respectively. This was the first ECB meeting of 2025 where the central bank refrained from lowering rates. However, this outcome was very much in line with market expectations.