Dear Reader,

 

Today's overview of economic news and market action: 

 

  • Investor sentiment continued to hold a cautious tone throughout the European session …
  • However, risk appetite improved overnight …
  • On the monetary policy front, the BoE left interest rates unchanged, as expected …
  • Currency-wise, the main FX pairs continued to operate in narrow trading bands …
  • EUR/USD opens this morning above the $1.15 threshold …
  • GBP/USD is operating in the top half of the $1.34-1.35 range …
  • EUR/GBP remains near the midpoint of 85-86p …
  • The data calendar ahead today is relatively sparse …
 
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Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1517   0.43 11.24
EUR/GBP 0.8547   -0.02 3.31
GBP/USD 1.3469   0.43 7.66
GBP/EUR 1.1694   0.02 -3.21
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
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US Federal Reserve Watch: June 2025
 

The June meeting of the US Federal Reserve Open Market Committee. (FOMC) saw the central bank leave policy on hold. The target range for the Fed funds rate was maintained at 4.25-4.50%. This represented the 4th meeting in a row where the Fed left policy unaltered and was very much in line with market expectations.
 
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BoE Watch: June 2025
 

The June meeting of the Bank of England's Monetary policy committee (MPC) saw the central bank leave the Bank rate unchanged at 4.25%. This followed a 25bpd reduction in May. Today's decision for unaltered rates was very much in line with the market expectations. So far in the current easing cycle, which began in August last year, the BOE has caught a total of 100bps.
 
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