Main currencies little changed

The euro and sterling are holding on to their latest gains against the dollar trading at around $1.04 and $1.21 respectively this morning, with the single currency-pound exchange rate hovering in and around 86p

In government bond markets, UK 10-year yields have backed up a bit to around 3.05% with equivalent German yields also nudging up slightly to 1.87%, while US yields are marginally lower at just under 3.70%. Meanwhile, equity markets remain on a firmer footing with European stocks chalking up further, albeit modest, gains in yesterday’s session

ECB member Schnabel says the central bank “will need to raise interest rates further…so as to ensure that inflation returns to our medium-term inflation target as quickly as possible”. She adds that “the room for slowing down the pace of interest rate adjustments remains limited”, suggesting she may argue for another 75bps rate hike at next month’s meeting

In Ireland, the number in employment increased by 83,000, or 3.4%, to 2,554,300 in the year to Q3 2022, according to yesterday’s Labour Force Survey from the CSO, while the unemployment rate fell to 4.4% from 5.6% over the same period

It is very quiet on the economic data front today with little of note scheduled for release