GBP/USD-Commentary

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November 21, 2025

EUR, GBP flows: GBP under pressure after weaker PMIs
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November 21, 2025 10:08 AM UTC

GBP under pressure after weaker PMIs

November 20, 2025

USD flows: USD slightly softer after mixed employment report
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November 20, 2025 1:43 PM UTC

Employment report mixed despite stronger than expected rise in payrolls. Mild USD negative reaction seems unlikely to persist

November 19, 2025

GBP flows: UK CPI data marginally on the soft side
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November 19, 2025 7:25 AM UTC

GBP a tad weaker as core CPI rises slightly less than expected

November 14, 2025

GBP flows: GBP stabilises despite gilt sell off
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November 14, 2025 9:47 AM UTC

GBP steadies despite sharp gilt sell off on report that Chancellor Reeves has abandned plans for an income tax increase

GBP, CHF flows: GBP falls on report tax hikes abandoned, CHF strength extends
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November 14, 2025 7:56 AM UTC

GBP falling back as FT reports that Chancellor Reeves has abandined plans to raise income tax in the November 26 budget. CHF strength extends with EUR/CHF retesting 0.92 level on optimism on tariff reduction.

GBP/USD Flows: UK drops income-tax hike plans ahead of November budget
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November 14, 2025 1:33 AM UTC

UK drops income-tax hike plans ahead of November budget

November 13, 2025

GBP flows: GBP falls on weak GDP, but...
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November 13, 2025 7:32 AM UTC

GBP declines as GDP comes in weaker than expected, but weakness largely due to cyberattack so likely to be reversed

November 12, 2025

JPY, GBP flows: JPY sells off again, GBP under pressure
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November 12, 2025 7:39 AM UTC

JPY sells off as equities firm, intervention threat increases. GBP downside risks on weak data and political uncertianty

November 06, 2025

GBP flows: GBP weaker as BoE MPC vote 5-4 for no change in rates
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November 6, 2025 12:13 PM UTC

GBP lower after 4 MPC members vote for a rate cut. Yesterday's 0.8830 high in EUR/GBP a target

October 29, 2025

GBP flows: GBP suffering from expected productivity downgrade
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October 29, 2025 8:10 AM UTC

EUR/GBP extends gains to new highs for the year as OBR expected to reduce prodictivity growth projection.

October 24, 2025

USD flows: USD recovered after PMIs
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October 24, 2025 2:15 PM UTC

USD recovered post-CPI losses helped by strong PMI

USD flows: USD lower on CPI
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October 24, 2025 12:49 PM UTC

USD generally lower, AUD outperforming

EUR, GBP flows: GBP recovers slightly after UK PMI
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October 24, 2025 8:42 AM UTC

EUR/GBP slips back after UK PMI following gains after stronger Eurozone data

GBP flows: GBP edges higher after stronger than expected retail sales
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October 24, 2025 6:43 AM UTC

GBP firmer after stronger than expected retail sales 

October 22, 2025

GBP flows: GBP dips sharply on weaker than expected CPI
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October 22, 2025 7:10 AM UTC

Weaker UK CPI increases chance of earlier UK rate cut and pushes EUR/GBP higher

October 20, 2025

USD, JPY flows: Steady to mild risk positive tone
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October 20, 2025 6:45 AM UTC

Mildly more risk positive picture, but uncertainty remains. Likely Takaichi PM appointment offset by some BoJ hawkishness

October 17, 2025

USD, JPY, CHF flows: USD lower versus safe havens on risk negative trade
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October 17, 2025 7:01 AM UTC

US banking concerns trigger USD declines, especially against safe havens. JPY has scope for further gains.

October 16, 2025

GBP, USD flows: Little impact from UK GDP, USD steady
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October 16, 2025 6:56 AM UTC

GBP marginally softer after August GDP comes in as expected. USD stable

October 14, 2025

USD flows: Little impact from NFIB, but...
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October 14, 2025 12:49 PM UTC

NFIB survey weaker, but price index higher

GBP flows: GBP lower after mixed labour market data
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October 14, 2025 6:39 AM UTC

EUR/GBP gains 20 pips after labour market data, but earnings growth remains too high for comfort

September 29, 2025

USD, GBP flows: USD edging lower on shutdown concerns, GBP firmer
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September 29, 2025 6:31 AM UTC

USD softer as government shutdown looms. GBP edging up

September 23, 2025

USD flows: US PMI has little impact
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September 23, 2025 1:49 PM UTC

US S&P PMI marginally weaker than expected, but no market impact

GBP, EUR flows: Weaker UK PMI triggers GBP decline
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September 23, 2025 8:49 AM UTC

UK PMI dips, triggering GBP losses, but data is unreliable. Year's high in EUR/GBP at 0.8763 should hold

September 19, 2025

GBP flows: GBP weaker as public borrowing increases
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September 19, 2025 6:32 AM UTC

Rise in PSNB dominates modest strength in retail sales

September 18, 2025

USD flows: US data USD supportive
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September 18, 2025 12:47 PM UTC

Decline in jobless claims and stronger Philadelhia Fed survey USD supportive.

GBP flows: GBP marginally weaker after MPC leaves rates unchanged
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September 18, 2025 11:17 AM UTC

BoE decision contains few surprises, but risks remain to the GBP downside

September 17, 2025

GBP flows: GBP little changed after marginally softer than expected CPI
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September 17, 2025 6:30 AM UTC

UK CPI marginally softer than expected as air fares reverse July gains. GBP little changed but EUR/GBP close to the top of the range

September 16, 2025

USD, CAD flows: USD slightly firmer, CAD little changed after data
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September 16, 2025 12:54 PM UTC

US retail sales on the strong side, halting the USD's slide. Canadian CPI in line on the core

GBP, USD flows: GBP little changed after UK data
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September 16, 2025 6:37 AM UTC

GBP unchanged after UK labour market data in line with consensus

September 05, 2025

GBP flows: GBP slightly firmer after retail sales
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September 5, 2025 6:35 AM UTC

UK retail sales much as expected after significant revisions, GBP a little firmer

September 04, 2025

USD flows: USD slightly firmer on ISM, but...
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September 4, 2025 2:16 PM UTC

ISM services headline strong, but employment still weak

USD flows: USD slightly firmer despite softer data
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September 4, 2025 12:51 PM UTC

ADP and initial claims both suggest mild labor market weakness, but USD resilient

August 20, 2025

GBP flows: EUR/GBP lower after CPI, but support at 0.86
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August 20, 2025 6:26 AM UTC

GBP gains from higher than expected CPI, but scope for gains modest as market already prices minimal BoE easing

August 14, 2025

GBP flows: GBP gains on better than expected GDP
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August 14, 2025 6:16 AM UTC

Better than expected June and Q2 UK GDP suggests scope for EUR/GBP to test 0.86 

August 12, 2025

USD flows: USD slightly lower on broadly neutral data
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August 12, 2025 12:40 PM UTC

US CPI data broadly as expected, with core a tad firm. USD generally lower

GBP flows: GBP gains slightly on UK labour market data, but downside favoured
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August 12, 2025 6:29 AM UTC

UK labour market data mixed but UK rate expectations look too hawkish

July 25, 2025

GBP flows: GBP softer after weaker than expected rise in retail sales
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July 25, 2025 6:35 AM UTC

EUR/GBP at 3 month highs as retail sales rise less than expected in June

July 24, 2025

EUR, GBP flows: GBP weaker on PMIs
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July 24, 2025 8:58 AM UTC

Weaker UK PMI pushes GBP lower, but implications are limited near term

July 22, 2025

GBP flows: GBP steadies after initial dip on PSNB data
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July 22, 2025 8:52 AM UTC

June PSNB second highest on record, confirming need for fiscal tightening, but little net GBP impact

July 04, 2025

JPY, CHF, EUR flows: USD back to near pre-employment levels, JPY still soft
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July 4, 2025 6:55 AM UTC

USD has slipped back overnight and the JPY has recovered, but remains weak, especially versus CHF

July 03, 2025

USD flows: USD up on employment data
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July 3, 2025 12:46 PM UTC

USD gains as payrolls come in slightly above consensus

USD flows: USD awaiting employment data
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July 3, 2025 6:48 AM UTC

USD has recovered from post-ADP dip but risks on the downside

July 02, 2025

USD, GBP flows: USD softer after weak ADP, GBP falling on fiscal concerns
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July 2, 2025 1:23 PM UTC

USD lower on negative ADP report, GBP declines while UK yields rise on fiscal concerns and talk that Chancellor Reeves may resign

July 01, 2025

USD flows: Mild recovery on Powell
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July 1, 2025 2:28 PM UTC

USD up a little as Powell plays down scope for cuts

GBP flows: GBP softer as UK yields edge lower on Bailey
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July 1, 2025 1:50 PM UTC

EUR/GBP heading up towards 0.86 as UK yields edge lower

USD, JPY flows: JPY starting to come to the party, but...
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July 1, 2025 9:46 AM UTC

USD/JPY down fairly sharply today but JPY continues to lag well behind European currency strength. JPY still has the most potential for major long term gains

USD, CHF flows: USD continues to weaken, CHF leading
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July 1, 2025 7:03 AM UTC

USD weakness continues with CHF making new 10 year highs

June 30, 2025

EUR, USD flows: German sales weaker, EUR a little stretched
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June 30, 2025 6:41 AM UTC

German retail sales disappoint, FX market generally steady but some risk of EUR/USD correcting lower

June 27, 2025

USD flows: Softer after data, EUR leading
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June 27, 2025 1:17 PM UTC

USD lower as prices rise more than expected and income and spending disappoint

USD flows: New highs in S&P supportive for USD/JPY
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June 27, 2025 7:00 AM UTC

Quiet overnight session but equity strength keeping JPY under pressure