The Ireland Purchasing Manager Index for services rose to 55.3 in March, up from 53.2 previously. This increase indicates an expansion in the sector, reflecting higher business activity.
In related market movements, EUR/USD extended gains beyond 1.0900 amid US dollar weakness due to trade war fears. GBP/USD also saw increases, staying strong near the mid-1.3000s as concerns about a US economic slowdown grew.
Gold And Bitcoin Respond Differently To Market Shifts
Gold prices surged to record highs driven by safe-haven demand, while Bitcoin fell close to $82,000 in response to market fluctuations triggered by recent tariffs. US President Trump announced a major tariff package, drawing attention to potential implications for the economy.
The latest data from Ireland’s services sector tells us it’s growing at a healthier pace—55.3 on the PMI scale, up from a lower reading of 53.2 the previous month. In that index, anything above 50 signals expansion, so this upward move means companies have been seeing more business, probably more clients coming through the door or an increase in orders. This can sometimes translate to higher confidence, possible hiring, or businesses preparing for more demand, which matters when pricing assets or hedging exposure linked to Irish or eurozone economic strength.
On the currency front, the euro moved up steadily past 1.0900 against the dollar, responding to weaker sentiment towards the greenback. That dip in confidence seems closely tied to increasing chatter about trade conflicts—namely, the US administration’s push for new tariffs. Sterner also felt the pressure; GBP/USD firmed up and hovered near the mid-1.3000s. That tends to happen when investors suspect that growth in the US may be losing steam, which reduces expectations for tighter monetary policy from the Federal Reserve. Lower rate bets often drag on dollar strength, lifting other currencies.
Gold has broken out to fresh highs, and this wasn’t just a modest push but something that clearly reflected a flight to safety. When geopolitics turns noisy, or when players suspect a broader correction may be on the horizon, money moves into places where it’s thought to be protected. That’s what usually lifts metals. Gold’s climb gives us a reminder that some traders have been seeking defence, not yield.
Tariff Announcements Increase Market Uncertainty
Bitcoin, interestingly enough, couldn’t hold the same ground. Prices dipped, moving closer to the $82,000 level. It seems some of the demand for digital assets retreated on the back of more erratic positioning across risk markets. It’s been common to see cryptocurrency react in sync with sentiment rather than inflation or its original premise of decentralisation. Whether that points to profit-taking or a recalibration post-tariff announcement, there’s clear evidence that volatility reasserted itself strongly here.
That announcement from Washington about a sweeping tariff plan pulled in fresh uncertainty. Markets don’t tend to like ambiguity when it includes trade rules or cost structures suddenly changing. The key takeaway is that pricing models tied to export-import flow, margin impacts, or value chain stability will need to be adjusted. There’s no room for guessing when rates and underlying economic assumptions are on the move.
Here, we should be especially alert to the spread between rate expectations and realised inflation, not just in the US but also in Europe and the UK. Markets now carry multiple narratives—stronger eurozone services, weakening US momentum, and a shift back into defensive allocations. These flows will likely appear in forward curves, especially where there’s a long-dated yield sensitivity.
Watching the premium placed on downside hedges in equity indices could also provide clues. If capital preservation over upside participation starts commanding higher prices, that’s likely to filter into how traders price tail-risk positions across instruments. The implication is that discounting future yields or cash flows must adjust rather than hold assumptions static.
Timing becomes sensitive when policy, risk appetite, and demand shift all at once. We’ll continue to observe pricing in real time, focusing on volumes and resistance levels across both traditional and electronic exchanges. Look for signs of traders adjusting premium tolerance and risk thresholds—those cues won’t scream loudly but they will be there in the spreads.
