DAVY VIEW

After a relatively quiet week of economic data releases last week, this week sees May residential property prices and employee payrolls data due for Ireland. US consumer and producer prices data for June as well as UK gross domestic product (GDP) for May will also be published, as well as various speeches by central bank officials. Further moderation in Ireland’s residential property prices – perhaps below 6% – appears likely. A strong result for employee payrolls would be consistent with exchequer returns data for May and June; as we highlighted last week in our updated economic forecasts, Ireland’s labour market remains robust.