Dear Reader,
Today's overview of economic news and market action
- Data-wise, focus yesterday was on the Eurozone
- Q2 GDP, at 0.3% q/q, was slightly better than forecast
- Overall though, the GDP data had no impact on the euro
- Overnight, the BoJ hiked rates and trimmed its bond purchases
- Yen is firmer over the past 24 hours
- EUR/USD, EUR/GBP and GBP/USD within tight ranges
- Ahead today, focus is on the US Fed meeting
- Poses some event risk for the dollar
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0821 |
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-0.03 |
-1.95 |
| EUR/GBP |
0.8425 |
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0.08 |
-2.80 |
| GBP/USD |
1.2844 |
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-0.10 |
0.90 |
| GBP/EUR |
1.1867 |
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-0.08 |
2.88 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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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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