USD, GBP flows: USD softer after weak ADP, GBP falling on fiscal concerns

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

EUR, USD flows: German sales weaker, EUR a little stretched

June 30, 2025 6:41 AM UTC

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

GBP flows: GBP lower after MPC votes 6-3 for no change in policy rate

June 19, 2025 11:16 AM UTC

BoE leaves rates unchanged but deputy governor Ramsden joins the established doves in voting for a rate cut. Nevertheless statement still suggetss rate cuts will be gradual, and GBP has already fallen significantly in the last week

GBP flows: GBP slightly firmer after CPI

June 18, 2025 6:22 AM UTC

May CPI was only marginally firmer than consensus, but GBP was due a recovery after recent losses against the EUR

EUR, GBP flows: Better bid on upward revisions in PMIs

June 4, 2025 8:58 AM UTC

EUR and GBP firmer after better PMIs

EUR, GBP flows: Data supportive of EUR and GBP

May 23, 2025 6:40 AM UTC

Strogn UK retail sales and upward revision in German GDP should underpin EUR and GBP

USD flows: Trump lifts equites and USD, though signals are mixed

May 8, 2025 4:09 PM UTC

The US-UK trade deal is underwhelming, if welcome. Trump’s suggestion that tariffs on China could be lowered if talks scheduled this weekend go well is giving the USD a more significant lift, though Trump continues to give mixed signals, making tariff threats alongside a suggestion that equities b

GBP flows: GBP fails to sustain gains on stronger CPI

February 19, 2025 7:38 AM UTC

GBP initially gains on stronger CPI, but fails to sustain rise. GBP supported by yield spreads, but remains expensive and upside progress likely to be tough.

GBP flows: GBP slightly firmer after GDP, but...

February 13, 2025 7:50 AM UTC

UK Q4 GDP rises due to services and inventories but detail unimpressive.  GBP gains modestly but upside limited

GBP flows: Little impact from Mann but GBP risks on the downside

February 11, 2025 9:28 AM UTC

Mann's comments suggest she could remain a dove near term. GBP risks on the downside unless we see EU targeted tariffs 

USD, EUR, JPY, AUD, GBP flows: Awaiting US jobs data

February 7, 2025 7:27 AM UTC

German production and trade data has little impact. JPY stays firm, AUD supported by better risk tone

GBP flows: GBP softer after BoE cuts rates

February 6, 2025 12:19 PM UTC

EUR/GBP rises as UK yields fall following the BoE decision to cut rates, with two votes for a 50bp cut providing a mild dovish signal

EUR, GBP flows: GBP rallies on PMIs, general risk positive tone

January 24, 2025 10:18 AM UTC

GBP recovers as UK PMIs match EUR rise. Global risk positive tone persists helped by PMIs and Trump's less pro-tariff comments overnight

GBP flows: GBP steady after UK labour market data

January 21, 2025 7:25 AM UTC

UK labour market data much as expected. GBP steady but risks still to the GBP downside

USD flows: USD steady after strong housing starts

January 17, 2025 1:37 PM UTC

Little change in the USD after strong housing starts

GBP flows: GBP starting soft

January 9, 2025 7:56 AM UTC

GBP under pressure on worries over weak growth and fiscal position, although rising bund yields have also contributed

EUR/USD, GBP/USD, USD/JPY flows: USD bulls into 2025

December 31, 2024 8:01 AM UTC

USD is trading sideways in holiday thinned European trading.

EUR/USD, GBP/USD, USD/JPY flows: USD drifts in Europe

December 30, 2024 12:17 PM UTC

The USD has drifted lower in European trading, with thin conditions and year end flows rather than fundamentals being the driving force. 

EUR/GBP Flows: BOE Rate Cuts

December 23, 2024 2:30 PM UTC

 GBP heads into Christmas well underpinned versus the EUR, amid money market expectations that the BOE will only cut by two 25bps steps in 2025 (first one full priced for May!) versus four from the ECB.

GBP, AUD flows: GBP slightly softer after CPI, AUD surprisingly weak

December 18, 2024 7:41 AM UTC

GBP edges lower after CPI. AUD/USD hits new low for the year

GBP flows: GBP up on strong earnings data

December 17, 2024 7:35 AM UTC

EUR/GBP dips further below 0.83 as average earnings growth picks up

GBP flows: Stronger CPI GBP supportive

November 20, 2024 7:32 AM UTC

GBP rises on stronger than expected October CPI

GBP flows: GBP softer after weak GDP

November 15, 2024 7:41 AM UTC

GBP slips lower after weak GDP but decline is modest and underlying GBP strength remains

GBP flows: GBP edges lower after labour market data

November 12, 2024 7:39 AM UTC

UK labour market data mixed but GBP slightly lower, perhaps focusing on the rise in the unemployment rate. But stronger than expected average earnings data may be more significant and could prevent a BoE rate cut in December

USD, EUR, GBP, JPY flows: USD firm in early trade

November 11, 2024 8:11 AM UTC

USD firm as markets anticipate Trump administration. GBP resilient, USD/JPY stretched

GBP flows: GBP slumps as gilt yields rise sharply

October 31, 2024 2:19 PM UTC

GBP falling sharply in an echo of the post-Truss budget reaction of 2022. Hard to oppose GBP weakness. 

GBP flows: GBP not much changed on Budget, positive reaction

October 30, 2024 2:01 PM UTC

GBP is little changed after the Budget speech, but this can be considered a positive reaction given the decline in gilt yields

GBP flows: Still scope for rerating despite more dovish BoE

October 22, 2024 2:04 PM UTC

GBP unlikely to benefit from any further rise in yields, but could still gain if there is a positive reaction to the first budget from the new government.

GBP flows: GBP rises on strong retail sales

October 18, 2024 6:45 AM UTC

EUR/GBP lowest since April 2022 after an unexpected rise in UK retail sales in September

GBP flows: GBP falls back on weaker CPI

October 16, 2024 6:47 AM UTC

GBP dips as CPI data increases chances of rate cuts

GBP flows: GBP firm but downside risks

October 14, 2024 7:12 AM UTC

GBP firm overnight but risks on the downside