Dear Reader,

 

Today's economic news and market action:

  • Mixed tone to investor sentiment yesterday.
  • Currency-wise, sterling was holding a firmer tone.
  • Reflected in EUR/GBP below 88p and GBP/USD above $1.23.
  • Elsewhere, EUR/USD has mostly been in a narrow range near $1.08.
  • Yen weakened overnight following BoJ meeting.
  • UK CPI data releases this am showed headline inflation easing to 10.5%.
  • Busy US macro diary today, includes retail sales and industrial production data.
 
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Today's Opening FX Rates
 
      % Change
      Day* End 2021
EUR/USD 1.0817   -0.12 1.07
EUR/GBP 0.8771   -1.17 -0.83
GBP/USD 1.2329   1.07 1.92
GBP/EUR 1.1395   1.19 0.83
*versus Previous Day's European Open

 
 
 
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AIB Economist's Weekly Market View - 17 January 2023
 

Having been very much to the fore for the first three quarters of last year, the dollar lost some ground in the final months of 2022. A perfect storm of rising US interest rates and bond yields, and a surge in commodity prices drove the greenback higher up until around the end of September.
 
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Weekly Market Brief: 16 - 20 January
 

Dollar Losing Some Sparkle...

The coming year seems likely to be characterized by further rate hikes in the opening half of 2023, with monetary policy being put on hold thereafter...
 
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