Dear Reader,

 

Today's overview of economic news and market action

  • Mixed mood on markets yesterday …
  • Data-wise, US core-PCE inflation edged down to 2.8% from 2.9%, as expected …
  • Similarly, flash HICP inflation declined in Germany, France & Spain in February …
  • On the currency front, the dollar firmed slightly …
  • EUR/USD opens this morning back near $1.08 …
  • EUR/GBP remains close to the midpoint of 85-86p …
  • GBP/USD is changing hands in the lower half of $1.26-1.27 range …
  • Eurozone flash HICP inflation due today …
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0814   -0.18 -2.01
EUR/GBP 0.8562   0.11 -1.22
GBP/USD 1.2632   -0.25 -0.76
GBP/EUR 1.1675   -0.11 1.24
*versus Previous Day's European Open
 
 
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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Economist's Weekly Market View
 

Ireland’s labour market was exceptionally strong at the end of 2023

 

The headline statistics show employment continued to grow at a robust pace, up 3.4% in the year to Q4 2023, and the seasonally adjusted unemployment rate remains close to historic lows at 4.5%. Over 2.7 million people are now at work in Ireland, helped by an upward revision to the labour force from Census 2022, which bumped up labour force and employment levels.
 
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ECB Watch - January 2024
 

ECB on hold for third straight meeting

 

The first policy setting meeting of the ECB’s Governing Council for 2024 saw the Central Bank maintain its key deposit rate at 4%.
 
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