Dear Reader,
Today's overview of economic news and market action
- Busy US macro data diary yesterday
- Two of the main US releases disappointed versus expectations
- Despite this, risk appetite retained a positive tone
- On the currency front, the euro was marginally higher
- EUR/USD opens this am in the upper half of $1.07-1.08
- EUR/GBP is near the midpoint of 85-86p
- Ahead today, main data highlights are US housing starts (Jan) and consumers sentiment (Feb)
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0765 |
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0.35 |
-2.46 |
| EUR/GBP |
0.8548 |
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0.13 |
-1.38 |
| GBP/USD |
1.2589 |
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0.21 |
-1.10 |
| GBP/EUR |
1.1693 |
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-0.13 |
1.40 |
| *versus Previous Day's European Open |
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Weekly Market View - 13 February
US fiscal credibility facing scrutiny as election season nears
Demand was strong, resulting in a bid-to-cover ratio of 2.56 and a yield of 4.093%. However, this auction, along with newly published long-term fiscal forecasts, highlights the sustainability of the federal deficit in the long run as we enter the Presidential election season.
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AIB Ireland Services PMI® - January 2024
Service sector growth slows to near-three year low
The first batch of AIB PMI® survey data for 2024 signalled a loss of momentum in Irish service sector activity, albeit still extending the current growth sequence that began in March 2021. Rates of expansion in total activity and new business both slowed on the month, with the former rising at the weakest pace in the current upturn.
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ECB Watch - January 2024
ECB on hold for third straight meeting
The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.
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