Currency news / June 11, 2025

US and China reach consensus

3 min read Thanim Islam

Thanim IslamJune 11, 2025

Market snapshot:

EU-US talks may extend beyond 9th July
GBPEUR sits at a one-month low following job numbers

Yesterday's currency recap

Pound sterling remained lower throughout the day, with GBPEUR hitting a new one-month low after market expectations shifted, now expecting the next Bank of England rate cut to occur in September due to disappointing job numbers. US dollar moves were muted as talks between the US and China continued for a second day.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.35%	2.0722
GBPCAD	-0.41%	1.8481
GBPCHF	-0.20%	1.1109
GBPDKK	-0.28%	8.8239
GBPEUR	-0.28%	1.1829
GBPJPY	-0.04%	195.737
GBPNOK	0.06%	13.638
GBPNZD	-0.20%	2.2364
GBPSEK	-0.22%	12.9713
GBPUSD	-0.28%	1.3508

*Daily move - against G10 rates at 7:00 am, 11.06.25
** Indicative rates - interbank rates at 7:00 am, 11.06.25

Key data points

Currency	Event	Period	Consensus	Previous
USD	CPI MoM	May	0.20%	0.20%
USD	CPI YoY	May	2.50%	2.30%
USD	Core CPI MoM	May	0.30%	0.20%
USD	Core CPI YoY	May	2.90%	2.80%

What we think

Overnight, US and China agreed on a framework to ease trade tensions. However, given there were no precise details on what the plans were, market reaction has been muted. The EU also believes that the trade negotiations with the US will extend beyond the July 9th deadline.

All eyes on the US CPI numbers due out today at 1:30pm, as we wait to see if the numbers can jolt markets from muted movements this week. A minor pick-up is expected in the inflation numbers, and of course, a bigger-than-expected number could embolden dollar buyers. GBPUSD currently sits at the lower end of its current range.

Rachel Reeves is also set to detail government spending plans through the end of the decade. The spending review may well reiterate the domestic fiscal challenges ahead.

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