Currency news / June 10, 2025

UK jobs disappoint

3 min read Thanim Islam

Thanim IslamJune 10, 2025

Market snapshot:

Markets now price-in September rate cut
Dollar firms on US-China talks

Yesterday's currency recap

Yesterday, over European trading hours, in the absence of any major catalysts, markets were rather muted.

US and China began trade talks in London with initial reports suggesting that talks went well. As a result, last night stocks rallied and USD firmed up. Talks are set to continue today.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.30%	2.0786
GBPCAD	0.12%	1.855
GBPCHF	0.05%	1.1129
GBPDKK	0.01%	8.8559
GBPEUR	0.01%	1.1872
GBPJPY	-0.06%	195.803
GBPNOK	-0.30%	13.6378
GBPNZD	-0.41%	2.2398
GBPSEK	-0.27%	13.0089
GBPUSD	0.25%	1.3564

*Daily move - against G10 rates at 7:00 am, 10.06.25
** Indicative rates - interbank rates at 7:00 am, 10.06.25

What we think

The pound has taken a knock this morning after weaker-than-expected job numbers this morning. Weekly earnings came in at 5.3% year-on-year compared to an estimate of 5.5%, and the unemployment rate rose to 4.6%.

Market expectations for the next rate cut have shifted forward from November to September.

Nothing further to note in the Economic Calendar today so we wait for further developments in US-China talks today to gauge FX reaction, but we would expect pressure to remain on the pound throughout the day.

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