EUR/GBP-Commentary

July 06, 2026

EUR/USD, USD/JPY - US NM ISM solid as expected

July 6, 2026 2:25 PM UTC

US NM ISM broadly as expected, another solid report

July 03, 2026

EUR/USD, USD/JPY - looking quiet unless yen sees another flurry

July 3, 2026 6:42 AM UTC

Could be quiet into US holiday unless there is another flurry of squaring

July 02, 2026

EUR/USD, USD/JPY - miss on payrolls trims Fed bets, pulls dollar back

July 2, 2026 12:43 PM UTC

Payrolls misses, especially with revisions and, even with unemployment dip, gives the Fed more space to stay on hold
Takes some wind out of the dollar's sail, and makes USD/JPY exit look well timed

EUR/USD, USD/JPY, EUR/GBP flows: Cross consolidates break lower; dollar waits for payrolls

July 2, 2026 6:46 AM UTC

Waiting game ahead of payrolls holiday, some wariness over MoF
Dollar also checked since Warsh's comments
EUR/GBP the main interest in recent hours with the range breakdown

June 29, 2026

GBP/USD flows: Manchesterism; max GBP spec shorts at risk of buy the fact?

June 29, 2026 11:13 AM UTC

PM-elect speech focuses on devolution so far, as expected
IMM data shows max levles of GBP shorts - suggests some risks of a short-squeeze / buy-fact ahead

June 22, 2026

EUR/USD, USD/JPY, EUR/GBP flows: W/e worries stemmed on progress, dollar remains firm

June 22, 2026 6:38 AM UTC

Reported progress in high level talks helps stem w/e escalation worries
Dollar retains its firmer lean since break higher

June 19, 2026

EUR/USD, USD/JPY, EUR/GBP flows: Dollar still supported, Japan policy options still in focus

June 19, 2026 7:13 AM UTC

Hawkish Japan comments at major yen lows, rates and intervention in frame
Hiccups on Iran talks uncomfortable though not unexpected
Burnham wins, data underscores fiscal realities

June 18, 2026

GBP/USD, EUR/GBP flows: BoE avoids hawkish surprise, cross drifting up off range floor

June 18, 2026 11:27 AM UTC

BoE delivers the expected 7-2 vote for unchanged
Small lift for EUR/GBP on confirmation and lack of hawkish surprise
Overall, recent action remains largely technical driven with the recent measured range bounce

GBP/USD flows: Labour mkt data steadier, focus on BoE, FOMC digesting

June 18, 2026 6:58 AM UTC

Labour market data better than last month at least
Focus on BoE with wait-and-see expected
Slight backfilling and consolidation from the FOMC dollar move

June 17, 2026

GBP/USD, EUR/GBP flows: Wait for FOMC continues, UK CPI undershoots

June 17, 2026 6:49 AM UTC

FX still largely treading water into FOMC
Slight GBP dip on lower than expected CPI, but plays to more positive mood

June 04, 2026

GBP/USD, EUR/USD flows: 6yr low in UK construction PMI; expiries

June 4, 2026 8:50 AM UTC

Weakness in UK construction PMI notable
Expiries otherwise reinforcing apathy

June 02, 2026

GBP/USD, EUR/GBP flows: MPC's Greene more hawkish, but no great surprise

June 2, 2026 3:21 PM UTC

MPC's Greene gives the more hawkish perspective on acting sooner rather than later

GBP/USD flows: Decent US data again

June 2, 2026 2:45 PM UTC

JOLTS data firm again, still a resilient US story

May 29, 2026

EUR/GBP, GBP/USD flows: BoE's Bailey reinforces 'no hurry' view

May 29, 2026 10:31 AM UTC

BoE's Bailey further contrasts recent ECB tone, by emphasising no hurry to hike
Suggests while lack of evidence of 2nd round effects, risk-reward favours wait and see

May 26, 2026

EUR flows: EUR marginally firmer after hawkish Schnabel, but..

May 26, 2026 8:24 AM UTC

Schnabel calls for June rate hike, EUR modestly firmer, but upside limited

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