Dear Reader,

Today's overview of economic news and market action: 

• Uneventful day on markets yesterday
• Against backdrop of a very quiet macro data calendar
• Main FX pairs operated within tight ranges, including EUR/USD trading near $1.14
• Already this morning, we have got the release of UK labour market data
• Some softer than forecast results has weighed on sterling
• EUR/GBP has edged up nearer to the midpoint of 84-85p
• Remainder of today’s scheduled data releases are unlikely to impact FX markets

All rates quoted are indicative market rates.

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.