The EURUSD is consolidating its positions around 1.15, representing a further strengthening of 1.6% over the month and 8% over the last 12 months. In the short term, however, the US dollar gained ground, supported by safe-haven flows against the backdrop of the ongoing Israeli-Iranian conflict and the Federal Reserve's decision to keep rates unchanged. Fed Chairman Jerome Powell also warned of potential inflationary pressures ahead, stemming in part from new tariffs proposed by the Trump administration.

Sterling weakened to 0.8550 against the EURO despite the Bank of England keeping interest rates unchanged, against a complex backdrop of persistent inflation, rising geopolitical tensions and potential trade disruptions linked to proposed US tariffs.

However, the decision was not unanimous: six of the nine members of the Monetary Policy Committee voted to keep rates unchanged, while three voted for a 25 basis point cut, defying market expectations for a 7:2 split. The Bank warned of "two-sided inflationary risks", pointing out that price growth should remain broadly stable until the end of the year before returning to its target in 2026.