Dear Reader,

 

Here is an overview of today's economic news and market action:

  • Mixed mood on markets last week …
  • Trading conditions remained very volatile …
  • However, on the week moves in equities, bonds & currencies look more limited …
  • EUR/USD opens at the midpoint of $1.07-1.08 …
  • EUR/GBP is at the 88p mark …
  • GBP/USD is in the lower half of $1.22-1.23 …
  • Eurozone flash HICP (Mar) and US core-PCE (Feb) due this week …
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0754   -0.72 0.49
EUR/GBP 0.8799   -0.19 -0.51
GBP/USD 1.2219   -0.53 1.01
GBP/EUR 1.1361   0.19 0.51
*versus Previous Day's European Open

 
 
 
Weekly Market Brief: 27 - 31March
 

Inflection Point

  • The stresses that have emerged in parts of the global banking system, and the associated volatility this has generated on financial markets are weighing on central bank’s monetary policy decisions.
  • Meantime, we have already seen a tightening of financial market conditions and lending standards for loans in the past year
 
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Economist's Weekly Market View - Euro Area Economy Resilience To Be Further Tested
 
 

The Eurozone is Ireland’s biggest trading partner, accounting for circa 35% of goods and 30% of service exports. Thus, the health of this large economy is important for Ireland. The Eurozone economy lost considerable momentum in the second half last year. GDP stagnated in the fourth quarter of 2022, having expanded by 0.4% and 0.9% in the previous two quarters.
 
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Fed Watch - March 2023
 

Fed hikes by further 25bps, but rates near peak

As largely expected, the Fed announced a further 25bps hike in rates yesterday. This brings the target range for the Fed funds rate up to 4.75-5.0%.
 
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BoE Watch - March 2023
 

BoE hikes by 25bps, and retains a tightening bias

The March meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank announce a 25bps rate hike. The voting breakdown showed that the MPC continued to be split on its rate decision. 
 
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ECB Watch - March 2023
 

The March meeting of the ECB’s Governing Council saw the central bank raise rates by 50bps, which brings the key deposit rate up to 3%. 
 
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