June 2024 Update On Foreign Exchange Markets

RegencyFX give their monthly update on developments in the foreign exchange markets. As we move into high summer, the latest macro data suggests global economies may have lost some momentum of late, following an uptick in activity in the spring. If this trend persists, it will bring central Banks rate cutting plans into  sharper focus, particularly for European economies, which have seen anaemic growth in recent times.

The Euro had a tumultuous month, initially gaining ground against the dollar as the Eurozone economy showed signs of recovery. However, concerns over high inflation, energy supply issues, and ongoing political tensions in the region caused the Euro to lose much of those gains by the end of the month. 

The GBP/EUR exchange rate hit a 2-year high in June, off the back of positive UK econometric data and the uncertainty caused by President Macron calling a snap election in France.

Major Trends:

• USD (US Dollar): The US dollar saw a mixed performance in June. Early in the month, it strengthened against some currencies due to [insert reason, e.g., safe-haven demand amid global economic jitters]. However, it later lost ground as [explain reason, e.g., dovish signals from the Federal Reserve].
• EUR (Euro): The Euro remained relatively stable throughout June. It benefited from [explain reason, e.g., a more hawkish European Central Bank stance] but was also weighed down by [explain reason, e.g., ongoing concerns about the Eurozone economy].
• GBP (British Pound): The British Pound was one of the strongest performers in June. It gained ground against both the USD and EUR, likely due to positive economic data and the upcoming elections.

Currency ranges in June

GBP/EUR

High: 1.1900 on June 14, 2024.

Low: 1.1720 on June 3, 2024.

GBP/USD

High: 1.2856 on June 12, 2024.

Low: 1.2613 on June 27, 2024.

GBP/AUD

High: 1.9338 on June 9, 2024.

Low: 1.8916 on June 29, 2024

EUR/USD

High: 1.0913 on June 4, 2024.

Low: 1.0670 on June 14, 2024.

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