Dear Reader,

 

Today's overview of economic news and market action: 

 

  • BoE cuts rates as expected, to 4%
  • However, the central bank espoused a less dovish tone
  • As a result, there was a firming in UK rate expectations
  • At the same time sterling made some gains
  • EUR/GBP opens this morning at 86.7p, with GBP/USD above $1.34
  • Today’s macro diary is very quiet on both sides of the Atlantic
 
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Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1648    -0.20 12.51
EUR/GBP 0.8673    -0.63  4.84
GBP/USD 1.343    0.47  7.35
GBP/EUR 1.1528   0.63 -4.61
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
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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.

 
 
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