Dear Reader,
Today's overview of economic news and market action
- In line with market expectations, the ECB lowered official interest rates by 25bps yesterday …
- In the initial aftermath of the policy announcement, the euro came under some downward pressure …
- Elsewhere, the yen was on the back-foot, while the dollar was holding a slightly firmer tone …
- Meantime, sterling has been on the front foot in early trading following strong retail sales data released this morning …
- This sees EUR/GBP operating back near the 83p mark …
- EUR/USD is in the lower half of $1.08-1.09 …
- GBP/USD is in the top half of $1.30-1.31 …
- USD/JPY is up near the ¥150 mark …
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Today's Opening FX Rates
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% Change Day* |
End 2023 |
| EUR/USD |
1.0847 |
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-0.04 |
-1.71 |
| EUR/GBP |
0.8303 |
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-0.67 |
-4.21 |
| GBP/USD |
1.3064 |
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0.62 |
2.63 |
| GBP/EUR |
1.2043 |
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0.67 |
4.40 |
| *versus Previous Day's European Open |
All rates quoted are indicative market rates.
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ECB Watch - October 2024
The October meeting of the ECB’s Governing Council saw the central bank cut interest rates for a third time this year. It reduced rates by 25bps, with the Deposit rate lowered to 3.25%, while the Re-fi rate was decreased to 3.40%. Today’s policy easing represents the first consecutive rate cuts from the ECB in 13 years, as it also lowered rates at its previous meeting in September.
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