The European Commission was out with some comments on the latest Brexit saga, saying that there is an agreement on the table already on Brexit. This is the best, and only deal possible and we will not renegotiate on the agreement.
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Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
GBP/USD adds to Tuesday’s pullback and recedes to the lowest level since November 2025 near 1.3140. A firmer Greenback and continued political turmoil in the UK are keeping Cable under persistent pressure, with little sign of a meaningful recovery.
EUR/USD extends its decline on Wednesday, falling to fresh yearly lows near 1.1320. The pair remains on the defensive as the US Dollar continues to draw support from hawkish Fed expectations and uncertainty over the outcome of US-Iran peace negotiations.
Gold retreats further and breaches below the key $4,000 mark per troy ounce for the first time since November 2025 on Wednesday. Higher-for-longer Fed expectations and a broadly firmer US Dollar continue to weigh on the precious metal, while uncertainty surrounding a potential US-Iran peace agreement has done little to revive demand for the safe haven space.
Bitcoin is trading between $62,000 and $63,000 at the time of writing on Wednesday, weighed down by headwinds stemming from macroeconomic uncertainty and geopolitical tensions in the Middle East.
Keir Starmer resigned on Monday, and the Pound barely moved. That near-silence is the tell. Sterling's real driver these past four months has not been the prime minister, nor the left-leaning frontrunner lining up to replace him, but the long end of the gilt curve, which answers to a force no British politician controls.
The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.
