Dear Reader,
Today's overview of economic news and market action:
- Risk appetite soured considerably yesterday …
- Renewed concerns regarding fiscal sustainability in some key advanced economies was in focus …
- Against this backdrop, US Treasury, German Bund and UK Gilt yields rose by 1-5bps yesterday …
- Currency-wise, the dollar was in the ascendancy owing to the risk averse mood on markets …
- At the same time, sterling was on the defensive …
- This sees GBP/USD start today back near the midpoint of the $1.33-1.34 corridor …
- EUR/USD is operating down in the lower half of the $1.16-1.17 range …
- EUR/GBP is changing hands at the 87p mark …
- Today, the main release of note will be US JOLTS job openings for July …
- In the UK, Governor Bailey and others appear at the Treasury Select Committee …
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Today's Opening FX Rates
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% Change Day* |
End 2024 |
| EUR/USD |
1.1627 |
|
-0.55 |
12.31 |
| EUR/GBP |
0.8699 |
|
0.64 |
5.15 |
| GBP/USD |
1.3359 |
|
-1.23 |
6.78 |
| GBP/EUR |
1.1488 |
|
0.63 |
-4.90 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Irish Economy Watch August 2025
Manufacturing PMI stayed firmly in expansion mode at 53.2 in July, The services PMI eased further in July to 50.9, Core retail sales rose by 1.0% in the second quarter, Housing commencements 12 month running total back below 41k in June.
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.
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