EUR/GBP-Commentary

May 22, 2026

EUR flows: Steady after IFO and INSEE surveys

May 22, 2026 8:23 AM UTC

IFO and INSEE both slightly stronger thna expected, but underlying picture in Europe still weak

GBP flows: GBP marginally softer after UK data

May 22, 2026 6:24 AM UTC

UK retail sales soft and borrowing higher but GBP only slightly softer. But medium term risks on the downside

May 21, 2026

GBP, EUR flows: UK PMI Matches 2023 and 2025 low

May 21, 2026 8:38 AM UTC

EUR and GBP both holding up remarkably well despite very weak PMIs, but risks remain on the downside

May 20, 2026

EUR/GBP, GBP/USD flows: BoE TSC cementing summer re-pricing

May 20, 2026 2:18 PM UTC

Comments so far from BoE TSC largely go with the grain of the summer wait and see
Mkt has priced back its overly aggressive hike odds for June-July

EUR/GBP, GBP/USD flows: CPI lower, but focus elsewhere

May 20, 2026 6:43 AM UTC

UK CPI below market showing core retreat, albeit stronger PPI highlighting Iran cost pressures
USD focus more of politics, geopolitics, yields and tech risk performance

May 19, 2026

EUR/GBP, GBP/USD flows: Still a nervy mkt, UK data soft

May 19, 2026 7:01 AM UTC

UK data overall soft, supports a cautious approach from the BoE
Even with the more positive, but erratic, Iran comments, mkt still edgy
Dual focus on the recent tech pullback, and upcoming earnings

May 14, 2026

EUR/USD, GBP/USD flows: Streeting resignation no surprise, retail sales resilient

May 14, 2026 12:44 PM UTC

Streeting resigns, hopes Starmer falls on his sword
Retail sales resilient but around expectation
Mkt still struggling for traction

EUR/GBP, GBP/USD flows: Better Q1 GDP old news, more leadership positioning

May 14, 2026 6:45 AM UTC

Rayner announces HMRC 'all clear' ready to enter the fray, still waiting on the kick off
Mar GDP better end to UK Q1 but Q2 seen flagging
Risk rally and key US yields levels provide the broader backdrop

May 13, 2026

EUR/USD GBP/USD flows: PPI upside goes with the grain of cable slippage

May 13, 2026 12:48 PM UTC

Upside PPI prints see cable pressed through 1.35

EUR/GBP, GBP/USD flows: challenge still in the works?

May 13, 2026 11:10 AM UTC

Reports suggest imminent challenge still in the works

EUR/USD, EUR/GBP, GBP/USD flows: event risk focus as odds of UK PM departure lengthen; US-China meetings kick off

May 13, 2026 7:04 AM UTC

Iran rhetoric and lack of progress, US-China meeting kick off
UK PM exit tone less febrile, chances of departure drop off

May 12, 2026

EUR/USD, GBP flows: US CPI firm though doesn't move the dial; a look the Starmer betting..

May 12, 2026 12:49 PM UTC

US Core CPI on the stiff side but doesn't move the dial enough for much FX impact
A quick look at the betting odds for UK PM Starmer

GBP/USD, EUR/GBP flows: Having another stab at the 'political short' trade

May 12, 2026 7:44 AM UTC

Gilts spike at open after further news of Labour push to replace Starmer
Technicals had already suggested some scope for GBP correction
That said, the narrative is a bit one-dimensional, and there is already short spec positioning

May 11, 2026

EUR/USD, AUD/NZD, GBP flows: Positioning shows little net dollar hedge, Aussie cross stretched (IMM)

May 11, 2026 9:03 AM UTC

Mixed positioning, but market shows little USD hedge overall, still risks being the pain trade? Natural AUD/NZD positioning stretched

April 30, 2026

GBP/USD, EUR/GBP flows: BOE Not More Hawkish

April 30, 2026 11:14 AM UTC

No initial reaction from GBP to the BOE statement and minutes.

February 05, 2026

EUR/GBP and GBP/USD flows: March cut and then more

February 5, 2026 12:10 PM UTC

GBP has sold off after the surprise 5-4 vote at the BOE meeting, as most had expected a non-event and maybe 1-2 members voting for a cut.

January 20, 2026

GBP flows: Slightly firmer after labour market data

January 20, 2026 8:04 AM UTC

GBP up after broadly neutral labour market data

January 15, 2026

GBP flows: GBP up on stronger than expected GDP

January 15, 2026 7:41 AM UTC

GBP up modestly after stronger than expected November GDP

January 07, 2026

EUR flows: EUR edges lower on softer data

January 7, 2026 7:26 AM UTC

EUR edges slightly lower after weaker German retail sales data

January 06, 2026

EUR flows: EUR edges lower on softer data

January 6, 2026 9:12 AM UTC

EUR edges slightly lower after weaker German state CPI and PMI

EUR, GBP, AUD flows: EUR risks lower as French inflation eases

January 6, 2026 8:11 AM UTC

EUR edges slightly lower after French CPI, riskier currencies well supported by equity strength

January 05, 2026

GBP flows: GBP edges up after money data

January 5, 2026 9:46 AM UTC

GBP higher as money growth continues to accelerate

USD, GBP flows: USD firmer, GBP risks on the downside

January 5, 2026 7:42 AM UTC

USD firmer on Venezuela. ISM the main data. GBP firm but risks on the downside.

January 02, 2026

EUR, GBP flows: European manufacturing PMIs revised lower

January 2, 2026 9:40 AM UTC

Downward revisions in manufacturing PMIs may favour GBP

EUR, USD, JPY, GBP, AUD, CAD flows: Early risk positive tone, JPY remains soft

January 2, 2026 7:51 AM UTC

Likely to be a quiet Friday with holidays extended. Mild risk positive tone with JPY still weak

December 31, 2025

EUR/JPY, EUR/CAD flows: EUR up and 2026 Depends on Hedging

December 31, 2025 4:19 PM UTC

The EUR has gained across the board this afternoon, helped by year end flows in thin markets.

December 29, 2025

GBP/USD, EUR/GBP: BOE to Deliver Weaker GBP v EUR

December 29, 2025 7:00 PM UTC

We see EUR/GBP to 0.90 by end 2026, but 1.3330 on GBP/USD due to a slightly weaker USD v EUR.

December 23, 2025

GBP/USD, EUR/GBP: No Reaction of Some Cabinet Members Wanting EU Customs Entry

December 23, 2025 10:05 AM UTC

GBP is edging higher again against the EUR on Tuesday.

December 22, 2025

GBP/USD, EUR/GBP: GBP by Dimming BOE Cut Prospects

December 22, 2025 10:20 AM UTC

GBP has gained ground versus the USD and EUR in Europe.

December 19, 2025

GBP, JPY flows: GBP little changed after retail sales, JPY weak

December 19, 2025 7:48 AM UTC

UK retail sales flattish in November, much as expected. GBP little changed. JPY weak despite higher JPY yields

December 18, 2025

GBP flows: GBP firmer as BoE hawks hold firm

December 18, 2025 12:17 PM UTC

GBP firmer as BoE cuts but remains gradualist

December 17, 2025

GBP flows: GBP weaker after soft CPI

December 17, 2025 7:33 AM UTC

Much weaker than expected CPI data increases scope for BoE easing, GBP to fall further

December 16, 2025

EUR, GBP flows: GBP gaining from better PMI, but...

December 16, 2025 9:38 AM UTC

GB gains on better PMI with Eurozone weaker, but the UK PMI data is not particularly trustworthy

EUR, JPY flows: EUR softer after weaker German PMI

December 16, 2025 8:37 AM UTC

EUR slips a little after weaker German PMI, EUR/JPY vulnerable

GBP flows: GBP firmer after labour market data but weakness evident in HMRC numbers

December 16, 2025 7:37 AM UTC

EUR/GBP slightly lower after UK ONS labour market data comes in slightly less weak than expected, but HMRC data suggests more weakness to come

December 12, 2025

GBP flows: GBP lower after weak October GDP

December 12, 2025 7:35 AM UTC

GBP lower after October GDP falls 0.1%

December 09, 2025

GBP flows: GBP edges lower after BoE comments

December 9, 2025 3:25 PM UTC

EUR/GBP a little higher but still broadly steady after BoE testimony

November 27, 2025

AUD, JPY, GBP flows: AUD and JPY look value based on yields, GBP gains on Budget unreliable

November 27, 2025 7:52 AM UTC

AUD and JPY represent value based on yield spreads. GBP gains on UK Budget reflect improved forecasts rather than positive measures

November 26, 2025

GBP flows: GBP rallies on UK Budget, but due to forecasts more than measures

November 26, 2025 2:12 PM UTC

GBP gains helped by reduced risk premium as OBR forecasts better tax take due to higher wages and inflation, despite lower productivity growth. But GBP outlook still mildly negative longer term

GBP flows: GBP softer on leaked Budget details

November 26, 2025 12:32 PM UTC

GBP softer as leaked budget details suggest back loaded tax increases

USD, AUD, NZD, JPY, GBP flows: Risk positive moves overnight, JPY weak, GBP a focus today

November 26, 2025 8:22 AM UTC

NZD and AUD gain on RBNZ, higher Australian CPI and risk positive market tone. JPY weakness on the crosses looks overdone. GBP in focus ahead of UK Budget

November 21, 2025

EUR, GBP flows: GBP under pressure after weaker PMIs

November 21, 2025 10:08 AM UTC

GBP under pressure after weaker PMIs

GBP, AUD, JPY flows: GBP dips briefly on retail sales, risk negative tone

November 21, 2025 7:45 AM UTC

GBP dips briefly on weaker retail sales. Mild risk negative tone perissts. PMIs awaited

November 19, 2025

GBP flows: UK CPI data marginally on the soft side

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

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

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.

November 13, 2025

GBP flows: GBP falls on weak GDP, but...

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

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

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

November 05, 2025

GBP, JPY, EUR flows: Little net change as equities bounce - GBP a focus

November 5, 2025 7:54 AM UTC

German orders marginally firmer but trend softening. JPY reverses initial gains in Asia as equities bounce. GBP a focus as EUR/GBP makes new 2 year high