UK: Weekly FX Market Update 23 June 2025

GBP

• Following a dovish hold from the Bank of England and poor retail sales data for May, will the Pound come under pressure?

• UK Purchasing Managers Index (PMI) data on Monday, along with two speeches from BoE Governor Bailey on Tuesday and Thursday, may set the tone.

EUR

• ECB President Lagarde spoke about the opportunity for ‘a global euro moment’ last week.

• German ZEW economic sentiment jumped higher, accompanied by further good news that economic stagnation for Germany is possibly ‘coming to an end’.

• Will PMI data on Monday tell the same story?

USD

• What happens now? After US bombers strike Iran’s nuclear programme, will Iran retaliate by closing the Straits of Hormuz and spiking oil prices?

• Fed Chair Powell will be testifying in Congress on Tuesday and Wednesday of this week.

• What story will PMI data on Monday, unemployment claims on Thursday and personal consumption expenditure on Friday tell us about the US economy?

Main events for this week:

Mon June 23

09:00 EUR Flash Manufacturing/Services PMI

09:30 GBP Flash Manufacturing/Services PMI

14:45 USD Flash Manufacturing/Services PMI

18:20 USD FOMC Goolsbee Speaks

Tue Jun 24

09:00 EUR German IFO Business Climate

13:30 CAD CPI

14:35 GBP MPC Ramsden Speaks

15:00 GBP BoE Bailey speaks

15:00 USD Fed Chair Powell Testifies/Consumer Confidence

Wed Jun 25

09:45 GBP MPC Lombardelli Speaks

15:00 USD Fed Chair Powell Testifies

Thu Jun 26

09:30 GBP MPC Breeden Speaks

12:00 GBP BOE Gov Bailey Speaks

13:30 USD Final GDP/Unemployment Claims/Durable Goods

Fri Jun 27

02:30 AUD CPI

13:30 CAD GDP

13:30 USD Core Personal Consumption Expenditure