Dear Reader,

Today's economic news and market action:

• Positive mood on markets yesterday …
• Currency-wise, the main pairs remained confined to tight ranges …
• Of the limited moves to note, sterling was holding a softer tone …
• Evidenced by EUR/GBP opening above the midpoint of 88-89p …
• GBP/USD opens below the midpoint of $1.21-1.22 …
• EUR/USD continues to straddle the halfway mark of $1.07-1.08 …
• US CPI inflation (Dec) poses event risk for the dollar today …

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After decades of price stability, the return of inflation was one of the big stories of 2022. CPI rates hit forty year highs, reaching double-digit levels in many countries, resulting in a marked tightening of monetary policy and a sharp slowdown in economic activity.

Historic FX and interest rates for 2022

AIB's Economic Research Unit provides regular commentary on the domestic and global economy, currency and interest rate markets, and special commentary on key events...