Dear Reader,
Today's overview of economic news and market action:
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- Main FX pairs have remained fairly range bound over the past 24 hours
- Of the action to register, the euro has been somewhat firmer
- Data-wise, this morning’s UK retail sales numbers for September disappointed
- This has provided an unhelpful start to the day for sterling
- EUR/USD opens in the upper half of $1.05-1.06
- EUR/GBP is above 87p, while GBP/USD is down at $1.21
- Remainder of today’s data calendar is very quiet
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Today's Opening FX Rates
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% Change |
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Day* |
End 2022 |
| EUR/USD |
1.0568 |
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0.35 |
-1.25 |
| EUR/GBP |
0.8726 |
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0.46 |
-1.33 |
| GBP/USD |
1.2107 |
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-0.14 |
0.08 |
| GBP/EUR |
1.1455 |
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-0.46 |
1.35 |
| *versus Previous Day's European Open |
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Weekly Market View - 17 October
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Continuing Large Budget Surpluses
In recent years, the Irish public finances have been faced with the need to provide for short-term but often substantial government expenditure policy responses to a number of external shocks, including Brexit, COVID-19 and both the Ukrainian humanitarian and Cost of Living crises.
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Weekly Market Brief: 16-20 October
Sweet Spot
In recent years, the Irish public finances have been faced with the need to provide for short-term but often substantial government expenditure policy responses to a number of external shocks, including Brexit, COVID-19 and both the Ukrainian humanitarian and Cost of Living crises.
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AIB Irish Manufacturing PMIs
Renewed downturn in manufacturing performance as lower export sales hit total order books
Subdued global demand conditions and customer destocking were factors holding back new business intakes. As a result, export sales resumed their downward trend in September, largely driven by falling spending by European clients.
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Budget 2024
Strong Public Finances
Today’s budget contained a fresh package of cost of living support measures totalling €2.7bn that will be rolled out over the winter months. These are mainly taking the form of direct household payments and energy credits. The Government is also providing an additional €6.4bn in other spending increases and tax cuts for next year.
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