Dear Reader,

 

Today's overview of economic news and market action:

  • Positive tone to investor sentiment gathered momentum yesterday …
  • Currency-wise, the dollar and to a lesser extent sterling, were on the defensive …
  • Reflected by EUR/USD opening up at the midpoint of $1.11-1.12, a fresh YTD high …
  • EUR/GBP is above the halfway mark of 85-86p also … 
  • GBP/USD is operating just above $1.30 …
  • Today, Eurozone Industrial production (May) and US PPI inflation (June) are due …
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.1146   1.02 4.15
EUR/GBP 0.8564   0.63 -3.17
GBP/USD 1.3013   0.38 7.57
GBP/EUR 1.1672   -0.63 3.27
*versus Previous Day's European Open

 
 
Forex and Interest Rate Outlook - July 2023
 
 

Economic data, especially on labour markets, have generally surprised to the upside in 2023, though GDP growth was sluggish in Q1.

Global economy still facing considerable headwinds  Central banks remain on rate tightening path, though Fed and ECB appear to be nearing end of their hiking cycle. BoE has further to go, with markets pricing in another 150bps of UK rate hikes
 
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Weekly Market View
 

Sterling’s Rally May Be Ending


From a currency viewpoint, one of the biggest surprises over the first half of 2023 has been the strength of sterling. The pound has made gains against the other major currencies including the dollar and the euro.
 
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AIB Ireland Manufacturing PMI® - June
 

Strongest deterioration in Irish manufacturing sector performance for over three years in June

 

Amid ongoing demand weakness, Irish manufacturing firms continued to see a decline in the health of the sector during June.
 
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Weekly Market Brief: 10-14 July
 

Good First Innings for Sterling

 

From a currency viewpoint, one of the biggest surprises over the first half of 2023 has been the strength of sterling 
 
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