Dear Reader,
Today's overview of economic news and market action:
- Investor sentiment continued to hold a positive tone yesterday …
- Currency-wise, the dollar remained on the defensive …
- Sterling was holding a firmer tone, but handed back most of its gains overnight …
- EUR/USD opens this morning above $1.12 …
- GBP/USD is operating up at the $1.31 handle …
- EUR/GBP is changing hands at the midpoint of 85-86p …
- Relatively quiet data schedule ahead today …
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Today's Opening FX Rates
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% Change |
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Day* |
End 2021 |
| EUR/USD |
1.121 |
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0.64 |
4.75 |
| EUR/GBP |
0.8555 |
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-0.11 |
-3.27 |
| GBP/USD |
1.3098 |
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0.71 |
8.27 |
| GBP/EUR |
1.1683 |
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0.11 |
3.38 |
| *versus Previous Day's European Open |
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Forex and Interest Rate Outlook - July 2023
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Economic data, especially on labour markets, have generally surprised to the upside in 2023, though GDP growth was sluggish in Q1.
Global economy still facing considerable headwinds Central banks remain on rate tightening path, though Fed and ECB appear to be nearing end of their hiking cycle. BoE has further to go, with markets pricing in another 150bps of UK rate hikes
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Weekly Market View
Sterling’s Rally May Be Ending
From a currency viewpoint, one of the biggest surprises over the first half of 2023 has been the strength of sterling. The pound has made gains against the other major currencies including the dollar and the euro.
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AIB Ireland Manufacturing PMI® - June
Strongest deterioration in Irish manufacturing sector performance for over three years in June
Amid ongoing demand weakness, Irish manufacturing firms continued to see a decline in the health of the sector during June.
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