Dear Reader,
Today's overview of economic news and market action
- The BoE MPC voted 5:4 in favour of a 25bps rate cut yesterday …
- Data-wise, US and Eurozone data deteriorated and missed the consensus …
- Against this backdrop, there was a softening in market rate expectations …
- Meanwhile, there was a strong risk-off tone to investor sentiment yesterday …
- Currency-wise, the dollar was in the ascendancy. Elsewhere, sterling was on the defensive …
- This sees GBP/USD open today in the lower half of $1.27-1.28 …
- EUR/USD is back at $1.08 …
- Today, the US labour market report for July will be the highlight …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0801 |
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-0.23 |
-2.13 |
| EUR/GBP |
0.848 |
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0.68 |
-2.17 |
| GBP/USD |
1.2738 |
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-0.87 |
0.07 |
| GBP/EUR |
1.1791 |
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-0.67 |
2.22 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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Bank of England Watch - August 2024
The August meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank lower the Bank rate by 25bps to 5.00%. This was the first rate change from the Bank of England in eight meetings. Subsequent to this, the central bank had been on a rate tightening cycle over the period December’21 to August’23.
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Federal Reserve Watch - July 2024
The US Federal Reserve Open Market Committee (FOMC) meeting for July saw the central bank leave its key interest rate policy unchanged. This decision was very much in line with expectations. The target range for the Fed funds rate remains at 5.25-5.50%, a 22-year high.
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Irish Economy Watch - July 2024
Consumer prices rose by 0.4% in Jun, amid an increase in transport and hospitality costs. However, the YoY rate fell to 2.2%. HICP inflation rose by 0.3% in the month, with the annual rate declining to 2.0%.
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ECB Watch - July 2024
The ECB meeting for July saw the Governing Council keep its key interest rates unchanged. This means that the Deposit rate remains at 3.75% while the refi rate stays at 4.25%. The ‘hold’ on rates in July follows the 25bps rate cut implemented in June to the main interest rates. This represented its first rate change in six meetings after previously being on a rate hiking cycle.
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Weekly Market Brief: 29 July - 2 August
No summer vibe to markets yet
Despite being in the midst of the summer holiday season, political events, macro data surprises, central bank commentary and global trade tensions have meant that the normal lull that tends to set into markets around this time of year, has been absent so far.
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