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EUR/GBP-Commentary

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February 05, 2026

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

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

November 05, 2025

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

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

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 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

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

October 06, 2025

USD, EUR flows: EUR down on French PM resignation
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October 6, 2025 8:41 AM UTC

EUR down across the board as French PM resigns after less than a month in office

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

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

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

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 03, 2025

GBP flows: GBP slightly higher as MPC members speak
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September 3, 2025 1:52 PM UTC

GBP in focus as MPC members speak. Short term ranges likely to hold, but long term risks on GBP downside.