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Dear Reader,

 

Today's overview of economic news and market action: 

 

  • Overall, there was a relatively positive tone to investor sentiment last week …
  • As expected, the ECB left rates on hold for a second consecutive meeting …
  • Currency-wise, the main FX pairs operated in narrow trading ranges throughout the week …
  • Of the limited moves to notes, sterling registered some gains …
  • This sees EUR/GBP start today back below the midpoint of 86-87p …
  • GBP/USD is up at the halfway mark of $1.35-1.36 …
  • Elsewhere, EUR/USD is in the lower half of $1.17-1.18 …
  • This week, the focus is on the Fed, BoE and BoJ …
  • The Fed is expected to cut rates by 25bps. The latter pair are set to leave rates unchanged …

 
 
Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1719        -0.04 13.19
EUR/GBP 0.8642         -0.06  4.46
GBP/USD 1.3556          0.01  8.35
GBP/EUR 1.1566          0.06 -4.27
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
 
 
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.