Dear Reader,
Today's overview of economic news and market action
- There was a positive tone to investor sentiment at the start of the week ...
- On the currency front, the main pairs operated in narrow trading ranges yesterday …
- Of the limited price action to note, the dollar was under some slight downward pressure …
- As trading gets underway this morning, the weaker dollar is reflected by EUR/USD opening above $1.08 …
- GBP/USD is operating up in the top half of $1.29-1.30 …
- Elsewhere, USD/JPY is changing hands back under the ¥153 handle …
- EUR/GBP remains in the lower half of the 83-84p corridor …
- US JOLTS job openings (Sept) and the Conference Board measure of consumer confidence (Oct) are due today …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0806 |
|
0.18 |
-2.08 |
| EUR/GBP |
0.8336 |
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0.06 |
-3.83 |
| GBP/USD |
1.2965 |
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0.13 |
1.85 |
| GBP/EUR |
1.1994 |
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-0.06 |
3.98 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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AIB Economic Outlook - October 2024
Growth in Ireland’s key trading partners uneven, geopolitical risks to the fore. Irish economy expected to grow at a moderate pace in the coming years. Households remain cautious in spending patterns. US dollar dominance tested by macro trends.
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Weekly Market Brief: 21 - 25 Oct
Growth concerns driving the ECB
The ECB policy meeting for October marked a firm shift in the focus of the Governing Council away from inflation
towards growth concerns in the Eurozone. As outlined in our ECB Watch publication, the central bank cut interest rates
for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was
decreased to 3.40%.
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ECB Watch - October 2024
The October meeting of the ECB’s Governing Council saw the central bank cut interest rates for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was decreased to 3.40%. Today’s policy easing represents the first consecutive rate cuts from the ECB in 13 years, as it also lowered rates at its previous meeting in September.
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