Dear Reader,

 

Today's overview of economic news and market action

  • ECB Lagarde and Fed Chair Powell reiterated they need more data before starting to cut rates …
  • However, futures contracts softened last week …
  • Currency-wise, sterling was in the ascendancy …
  • Meantime, the dollar was under some downward pressure …
  • EUR/USD opens this morning up near the midpoint of $1.09-1.10 …
  • GBP/USD is changing hands in the $1.28-1.29 corridor …
  • EUR/GBP is back closer to the 85p mark …
  • This week, US CPI inflation data are the main highlight …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0943   -0.02 -0.84
EUR/GBP 0.8520   -0.29 -1.71
GBP/USD 1.2841   0.27 0.88
GBP/EUR 1.1729   0.29 1.74
*versus Previous Day's European Open
 
New Episode of AIB's Market Talk Podcast
 

February PMIs – Green Shoots

 

AIB’s Chief Economist David McNamara, and AIB Treasury’s Cormac Cunnane, discuss the positive spring outlook in the February AIB Ireland Manufacturing & Services sector Purchase Managers Index Reports.
 
Listen Here
 
 
 
AIB Ireland Manufacturing PMI® - February 2024
 

The latest AIB Ireland Manufacturing PMI® survey indicated strengthening business conditions, with production growth accelerating to the highest for 22 months amid a renewed improvement in order books. Staffing numbers also expanded in February as manufacturers sought to boost production schedules and support long-term business development plans.
 
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AIB Ireland Services PMI® - February 2024
 

Service sector growth and inflation strengthen in February

 

The latest AIB PMI® survey data indicated resurgent service sector growth in February, accompanied by rising price pressures. Total activity and new business both rose at the fastest rates since last September, driving the sharpest rate of job creation for eight months.
 
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Weekly Market Brief: 11 - 15 March
 

Cautious Approach by Central Banks

 

After around two years of aggressive interest rate hikes from the main central banks, monetary policy makers are currently on hold.
 
Read More