Dear Reader,

 

Today's overview of economic news and market action:

 

    • Subdued tone to investor sentiment for much of yesterday
    • Bond yields moved lower
    • Euro and sterling edged higher versus dollar 
    • EUR/USD made some modest gains in the lower half of $1.06-1.07
    • EUR/GBP continued to trade just below midpoint of 86-87p
    • Busier macro diary today.
    • Already, UK GDP for August printed, as expected, at 0.2% m/m
    • Later today, ECB minutes and US CPI are the main highlights
 
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Today's Opening FX Rates
 
    % Change
      Day* End 2022
EUR/USD 1.063   0.25 -0.67
EUR/GBP 0.8627   0.05 -2.45
GBP/USD 1.2318   0.22 1.83
GBP/EUR 1.1585   -0.05 2.52
*versus Previous Day's European Open
 
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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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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Weekly Market View - 10 October
 

Inflation on Downward Path

 

The ‘higher for longer’ outlook for interest rates has been the key factor behind the big movements in financial markets in recent weeks. 
 
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Weekly Market Brief: 9-13 October
 

The Road to Damascus

 

The ‘higher for longer’ outlook for interest rates has been the key factor behind major movements in financial markets in recent weeks. 
 
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