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Dear Reader,

 

Today's overview of economic news and market action: 

 

  • The calm mood on financial markets persisted throughout yesterday …
  • Currency-wise, sterling was under some downward pressure, amid some soft labour market data …
  • The weaker tone to sterling is evidenced by EUR/GBP opening above the midpoint of the 84-85p corridor ...
  • GBP/USD is changing hands down below the $1.35 handle …
  • Elsewhere, EUR/USD remains in the lower half of the $1.14-1.15 band …
  • Turning to the day ahead, the main highlight will be US CPI inflation for May …
  • From a sterling perspective, the UK Spending Review will be of interest …
 
Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1419   0.18 10.30
EUR/GBP 0.8465   0.56 2.32
GBP/USD 1.3485   -0.38 7.79
GBP/EUR 1.1805    -0.56 -2.27
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
 
 
ECB Watch:June 2025
 
 

The ECB's governing council meeting for June saw the central bank lower interest rates for a fourth consecutive time this year. It's once again reducing them by 25bps, With the deposit rate lowered to 2.00%., while the Re-fi rate was decreased to 2.15%. This Marked the eight 25bps rate cut since the ECB started its easing cycle in June 2024.