Dear Reader,

 

Today's overview of economic news and market action

  • The relatively quiet start to the week continued yesterday …
  • Currency-wise, the main GX pairs remained range bound …
  • The dollar initially moved lower before taking the ascendancy after some strong retail sale data …
  • However, the greenback softened once again overnight …
  • Meantime sterling has been slightly firmer in early trading following the release of UK CPI …
  • EUR/GBP is just below 84p …
  • EUR/USD is at the $1.09 threshold …
  • GBP/USD is in the upper half of the $1.29-1.30 corridor …
  • Final reading of EZ HICP and US industrial production due today …
 
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Today's Opening FX Rates
 
      % Change Day* End 2023
EUR/USD 1.09   0.09 -1.23
EUR/GBP 0.8393   -0.08 -3.17
GBP/USD 1.2981   0.15 1.98
GBP/EUR 1.1907   0.08 3.28
*versus Previous Day's European Open

All rates quoted are indicative market rates.
 
Weekly Market Brief: 15 - 19 July
 

Goldilocks? Government sets Budget parameters

 

The recently released Summer Economic Statement set the boundaries for the upcoming Irish Budget in October, with the Government announcing a planned budget day package of €8.3bn (3% of GNI*). The majority of this is for spending measures (€6.9bn) with the remainder (€1.4bn) expected to fund income tax cuts.
 
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