- BoE leaves bank rate unchanged at 3.75% in June meeting, as expected
- The US dollar rises to the highest level since May 2025 on increased Fed rate hike bets
- Gold closes the gap following the hawkish Fed’s dot plot; tightening bias caps the upside
- SNB’s Schlegel dodges question on the addition of “if necessary” about FX intervention
- SNB leaves key policy rate unchanged at 0% in June meeting, as widely expected
- Bitcoin price forecast: why the $61,775 level matters now
- UK April ILO unemployment rate 4.9% vs 5.0% expected
- FX option expiries for 18 June 10am New York cut
- What are the main events for today?
It’s been a pretty calm session in terms of data and news releases. The UK employment report was better than expected with a tick lower in the unemployment rate and stronger wage growth. The data led to some firming in BoE rate hike bets but nothing major.
The SNB left the policy rate unchanged at 0.00% as widely expected but added “if necessary” to the line saying “readiness to intervene in forex markets is higher”. The Swiss franc was barely changed in the aftermath but started to weaken after SNB Chairman Schlegel avoided to answer the question on why that new line was added. The market interpreted that as “dovish”.
The BoE left the Bank Rate unchanged at 3.75% as widely expected with no changes to the April’s statement. The central bank repeated that MPC stands ready to act as necessary to ensure CPI meets 2% target in the medium term. Coming into the meeting, the market was pricing 35 bps of tightening by year-end with 58% chance of a rate hike in September. That remained the same following the decision.
The main highlight of the session was the US dollar. The greenback extended the gains and reached the highest level since May 2025 amid Fed rate hike bets.
This article was written by Giuseppe Dellamotta at investinglive.com.