Dear Reader,

 

Today's overview of economic news and market action: 

 

  • Risk appetite has whipsawed over the past 24 hours, in reaction to developments in the Iran-Israel/US conflict …
  • However, sentiment improved markedly overnight, as a ceasefire was announced …
  • Elsewhere, US futures contracts softened modestly amid some dovish Fed rhetoric …
  • Currency-wise, the dollar has mirrored changes in risk appetite over the past 24 hours …
  • Overall, the dollar starts today on the back-foot, with EUR/USD north of $1.16 …
  • Today, investors will ne keeping a close eye on any further developments in the Middle East …
  • Remarks from a number of ECB and Fed officials will also warrant attention …  
 
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Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1609   -1.04 12.13
EUR/GBP 0.8555   -0.14 3.41
GBP/USD 1.3567   1.21 8.44
GBP/EUR 1.1685   -0.14 -3.30
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
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US Federal Reserve Watch: June 2025
 

The June meeting of the US Federal Reserve Open Market Committee. (FOMC) saw the central bank leave policy on hold. The target range for the Fed funds rate was maintained at 4.25-4.50%. This represented the 4th meeting in a row where the Fed left policy unaltered and was very much in line with market expectations.
 
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BoE Watch: June 2025
 

The June meeting of the Bank of England's Monetary policy committee (MPC) saw the central bank leave the Bank rate unchanged at 4.25%. This followed a 25bpd reduction in May. Today's decision for unaltered rates was very much in line with the market expectations. So far in the current easing cycle, which began in August last year, the BOE has caught a total of 100bps.
 
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