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Magna Financial Market Report – Wednesday 11th June 2025
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• EU-US trade talks may stretch beyond July 9
• GBP/EUR at one-month low on soft job data
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RECAP
Sterling remained under pressure throughout the day, with GBP/EUR reaching a one-month low as market expectations shifted toward a Bank of England rate cut in September, following weaker-than-expected employment data. Meanwhile, the U.S. dollar saw limited movement as U.S.-China trade talks entered their second day.
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SUMMARY
Overnight, the U.S. and China reached a preliminary framework aimed at easing trade tensions. However, with no specific details provided, market reaction has remained muted. Meanwhile, the EU anticipates that trade negotiations with the U.S. will extend beyond the July 9th deadline.
Attention now turns to U.S. CPI data, set for release at 1:30 PM today. A modest uptick in inflation is expected, though a stronger-than-forecast reading could reinforce dollar strength. GBP/USD remains near the lower end of its recent trading range.
Separately, Rachel Reeves is expected to outline the government’s spending plans through the end of the decade. The review is likely to underscore ongoing domestic fiscal challenges.
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HOW WE CAN HELP
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Get in touch with Osman Hanif today on +44 (0) 20 3371 9200 or email osman@magnafinancial.com
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