Dear Reader,

 

Today's overview of economic news and market action: 

 

  • The Fed cut rates by 25bps in-line with market expectations …
  • However, the decision was not unanimous. One Governor voted for a 50bps cut …
  • Against this backdrop, market rate expectations are little changed overall …
  • Around 45bps of further policy easing is priced-in between now and year end …
  • Against this backdrop, the dollar has strengthened overnight …
  • This sees EUR/USD open today just below $1.18 …
  • GBP/USD is just under the $1.36 mark …
  • Elsewhere, EUR/GBP remains in the top half of 86-87p …
  • Today, the BoE is widely expected to leave policy on hold …
 
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Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1791   -0.53 13.89
EUR/GBP 0.8672   -0.17  4.82
GBP/USD 1.3596    -0.32   8.67
GBP/EUR 1.1529      0.17 -4.60
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
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More Economic News
 
ECB Watch - September 2025
 
 

The ECB’s Governing Council meeting for September saw the central bank leave interest rates on hold for a second consecutive occasion. The deposit and refi rates were maintained at 2.00% and 2.15%, respectively. The ‘unchanged rates’ outcome was widely expected by markets.

 
 
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