Dear Reader,

Here is an overview of today's economic news and market action:

• Volatility remained incredibly elevated yesterday …
• Contagion risk intensified, with the focus shifting to Europe …
• Market rate hike expectations softened significantly …
• Currency-wise, the dollar and yen were in the ascendancy …
• However, moves partially retraced as Swiss authorities provide liquidity overnight …
• EUR/USD opens in the lower half of $1.06-1.07 …
• GBP/USD is just below $1.21 …
• EUR/GBP is in the top half of 87-88p …
• All eyes on the ECB today …
• Market split on whether the ECB will opt for a 25 or 50bps rate hike …

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Last week’s Quarterly Bulletin from the Central Bank saw upgrades to its forecasts for the Irish economy. This was largely due to a better than expected global economic backdrop as well as downward revisions to projections for the path of inflation in 2023.

No Sham-Rock

• The latest Quarterly Bulletin from the Central Bank saw upgrades to its forecasts for the Irish economy.
• The Central Bank’s growth forecasts are somewhat more upbeat than the recently published projections from the European Commission

Ireland's service sector gained some further growth momentum midway through the first quarter of the year with the latest AIB PMI® survey data marking exactly two consecutive years of monthly improvements in business activity, new business, and employment.

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