Currency news / October 15, 2025

Powell backs rate cut this month

3 min read Thanim Islam

Thanim IslamOctober 15, 2025

Market snapshot:

USD erases recent gains on Powell
Governor Bailey signals concern over UK job market

Yesterday's currency recap

USD erased earlier gains following Fed Chair Powell’s remarks on the job market being weak and that he sees the Fed cutting rates again later this month (this is fully priced in currently). Earlier in the European session both GBPUSD and EURUSD hit fresh 2-year lows.

EUR caught a bid as German investor sentiment improved. Meantime in France, PM Lecornu won crucial socialist support about plans to suspend a pension law, in a bid to calm political unrest.

GBP remained in trouble throughout the day after softer job numbers saw traders ramp up BoE rate cut bets. BoE Governor Bailey also aired his concern over a weak job market in the UK.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.20%	2.0507
GBPCAD	-0.20%	1.8669
GBPCHF	-0.56%	1.0662
GBPDKK	-0.46%	8.5655
GBPEUR	-0.46%	1.1469
GBPJPY	-0.55%	201.923
GBPNOK	0.66%	13.539
GBPNZD	-0.03%	2.328
GBPSEK	0.20%	12.7
GBPUSD	-0.27%	1.3297

*Daily move - against G10 rates as of 06:00 BST, 15.10.25
** Indicative rates - interbank rates as of 06:00 BST, 15.10.25

Key data points

Currency	Event	Period	Consensus	Previous
USD	Fed Beige Book		54.00	55.10

Speeches

EUR: ECB Guindos, Villeroy
GBP: BoE Ramsden and Breeden
USD: Fed Waller, Miran, Schmid

What we think

Both GBPUSD and EURUSD are continuing their bounce from the fresh 2-month lows that we saw yesterday morning as European markets continue to digest Fed Powell's comments from last night.

GBPEUR continues to trade near this year's lows, with the EUR continuing to outperform GBP after markets ramped up BoE rate cut bets.

We've got a busy day of central bank speakers, with comments due from the ECB, BoE, and the Fed throughout the session. Focus remains on any hints around the policy outlook. In the US, attention turns to MBA mortgage data and the Fed’s Beige Book later in the day.

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