Dear Reader,
Today's overview of economic news and market action:
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- Cautious tone to market sentiment yesterday
- Reflected in modest falls on most of the main equity indices
- Data-wise, the macro updates tended to disappoint versus expectations
- Currency-wise, the dollar was holding the upper hand
- Euro, sterling and the yen lost ground to the greenback
- EUR/USD trading nearer to $1.07, GBP/USD below $1.26
- Relatively quiet macro data calendar today
- BoE Governor Bailey is appearing at Treasury Select Committee
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0731 |
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-0.56 |
0.27 |
| EUR/GBP |
0.8529 |
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-0.21 |
-3.56 |
| GBP/USD |
1.2579 |
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-0.36 |
3.98 |
| GBP/EUR |
1.1718 |
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0.21 |
3.69 |
| *versus Previous Day's European Open |
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Strong expansion in Ireland's service sector in August
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AIB Ireland Services PMI - August
Strong growth in the Irish service sector was sustained during August with the latest AIB PMI® survey data marking exactly two-and-a-half years of successive monthly improvements in business activity, new business, and employment.
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Weekly Market Brief: 4- 8 September
Payback Time
The National Accounts data from the CSO for H1 2023 show that the rate of growth in the Irish economy has decelerated markedly from the breakneck speed seen in 2021 and 2022.
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Weekly Market View
Downside Risks Still Prevail for Global Economy
Surging inflation combined with a marked tightening of monetary policy, amid an environment of weakening confidence levels and heightened geo-political tensions, especially in relation to Ukraine, saw the world economy slow sharply during 2022. However, concerns that advanced economies could be facing a recession in 2023 have largely abated.
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