Dear Reader,

 

Today's overview of economic news and market action:

 

    • Mixed mood on markets yesterday …
    • Having initially moved higher, weak PMI data weighed on the euro …
    • Reflected by EUR/USD rising to $1.069 yesterday, before falling to $1.06 at the close …
    • Elsewhere, GBP/USD is operating back below the $1.22 handle … 
    • EUR/GBP remains in and around the 87p threshold …
    • Relatively quiet data schedule ahead today
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.0598   -0.76 -0.97
EUR/GBP 0.871   0.05 -1.52
GBP/USD 1.2165   -0.81 0.56
GBP/EUR 1.1476   -0.05 1.54
*versus Previous Day's European Open
 
Weekly Market Brief: 23-27 October
 
 

Back in the Pack

 

Fears that the UK could have entered recession by now have not come to pass, with the economy displaying unexpected resilience over the past year.
 
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Weekly Market View - 17 October
 

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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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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Irish Economy Watch - October 2023
 

PMI declined to 49.6 in Sep, indicating business conditions deteriorated slightly. New orders fell, including export orders. Output contracted for a seventh month running.
 
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