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Dear Reader,

 

Today's overview of economic news and market action: 

 

  • The cautious mood on markets persisted yesterday …
  • Rate expectations firmed somewhat yesterday …
  • This was on the back of solid PMI data and some hawkish remarks from Fed officials …
  • Against this backdrop, the dollar was holding the upper hand on the exchanges …
  • EUR/USD opens back below the $1.16 mark …
  • GBP/USD is down at the $1.34 handle …
  • EUR/GBP is at the halfway mark of 86-87p …
  • Today, Fed chair Powell’s Jackson Hole speech will be in focus …
 
Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1593    -0.45 11.98
EUR/GBP 0.865     -0.06  4.56
GBP/USD 1.3401    -0.36  7.11
GBP/EUR 1.1559      0.06 -4.36
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
 
 
Bank of England Watch August 2025
 
 

The Bank of England's Monetary Policy Committee (MPC) meeting for August saw the central bank cut the Bank Rate by 25bps to 4.00%. This represented the third 25bps rate reduction from the BoE this year, having previously cut in February and May.
 
 
ECB Watch July 2025
 
 

The July ECB Governing Council meeting saw the central bank leave interest rates on hold. The deposit and refi rates were maintained at 2.00% and 2.15%, respectively. This was the first ECB meeting of 2025 where the central bank refrained from lowering rates. However, this outcome was very much in line with market expectations.