Spectrum FX Daily Report

GBP: The British Pound has shown subdued movement against major currencies even though Bank of England policymaker Jonathan Haskel has recommended maintaining current interest rates due to persistent price pressures in the job market. Looking forward, attention turns toward upcoming economic indicators. Specifically, investors await tomorrow’s release of the UK's monthly GDP figures and May's factory data.

EUR: The Euro is struggling to attract investor support this morning amid a lack of fresh economic data. In fact, with macroeconomic releases in short supply, concerns stemming from France’s recent election may serve to keep the common currency on the backfoot, as fears of French political instability sour EUR sentiment.

USD: The U.S. Dollar recovered from recent losses, steadying in Asian trade after Powell flagged cooling in the labour market and progress towards bringing down inflation. However, investors largely maintained bets on a September rate cut after Powell’s comments – bets that had battered the dollar in recent weeks. Nevertheless, the greenback found some support as Powell’s comments also put tomorrow’s consumer price index inflation data squarely in focus.

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