Ireland’s key trading partners continue to grow at a steady, if unspectacular pace. The US economy has outperformed the UK and Eurozone of late, but European economies are showing signs of accelerating growth in 2024

In June, the employment subindices of the manufacturing services and construction PMI’s moved lower. Crucially though, all three indices stayed in expansion mode .

The ECB meeting for July saw the Governing Council keep its key interest rates unchanged. This means that the Deposit rate remains at 3.75% while the refi rate stays at 4.25%. The ‘hold’ on rates in July follows the 25bps rate cut implemented in June to the main interest rates. This represented its first rate change in six meetings after previously being on a rate hiking cycle. 

World economy continues to exhibit resilience. However, subdued growth expected again in 2024, with US outperformance starting to wane, UK and Eurozone accelerating.

The Bank of England kept its key interest rate unchanged at 5.25% at the conclusion of its June Monetary Policy Committee (MPC) meeting.

As expected, the US Federal Reserve Open Market Committee (FOMC) meeting for June saw the central bank leave its key interest rate policy unchanged.

Renewed momentum in Irish residential property prices...

Historic FX & Interest Rates for 2023....