USD Remains in the Driving Seat

Publish Date

June 22, 2026

Last Week's Market Recap

🇬🇧 British Pound (GBP)

The pound had another mixed week, gaining against the euro but remaining under pressure against the US dollar.

The biggest talking point was UK politics following Prime Minister Keir Starmer's resignation. Normally, political uncertainty can weaken a currency, but markets took the news in their stride. Investors were reassured by Andy Burnham's commitment to keeping the UK's public finances under control, helping sterling recover after an initial wobble.

🇪🇺 Euro (EUR)

The euro struggled for much of the week, allowing GBP/EUR to climb to some of its strongest levels this year.

Investors remained cautious over the Eurozone economy as business activity and growth expectations continue to lag behind the UK and US. With little positive economic news coming from the Eurozone, demand for the euro remained subdued.

🇺🇸 US Dollar (USD)

The US dollar remained the strongest major currency overall.

The greenback continued to benefit from expectations that US interest rates could stay higher for longer than previously expected. Although the dollar eased slightly towards the end of the week, investors are still favouring the US currency because the American economy continues to outperform many of its global counterparts. The easing of tensions in the Middle East also helped calm markets, supporting confidence in the dollar.

Looking Ahead This Week

🇬🇧 GBP

This week brings several important UK economic releases, including GDP figures and the latest Manufacturing and Services PMI surveys.

Strong GDP growth would suggest the UK economy is holding up well and could support the pound.
Strong business activity figures (PMIs) would also boost confidence in the UK economy.
However, weaker-than-expected data could increase expectations of future Bank of England interest rate cuts, which would likely put pressure on sterling.

🇪🇺 EUR

The focus in Europe will be on Eurozone inflation (CPI) and unemployment data.

Higher inflation could support the euro if investors believe the European Central Bank will be slower to cut interest rates.
Weaker inflation or signs that the economy is slowing further could see the euro lose ground against both the pound and the dollar.

🇺🇸 USD

The biggest event of the week is Friday's US Non-Farm Payrolls (jobs report), one of the most closely watched economic releases each month.

If the US creates more jobs than expected, the dollar could strengthen further as investors may push back expectations for interest rate cuts.
If employment growth disappoints, the dollar could weaken, allowing both GBP/USD and EUR/USD to recover.

What Could This Mean?

GBP/EUR: Sterling remains in a strong position, but UK GDP and Eurozone inflation will likely determine whether those gains continue.
GBP/USD: The US jobs report is likely to be the biggest driver. Strong US data could keep the dollar in control, while weaker figures may allow the pound to recover.
EUR/USD: The euro needs stronger inflation or economic data to challenge the dollar, otherwise the greenback may continue to dominate.

‍

© 2026 Elev8 Group Limited. All rights reserved. Elev8® is a trademark of Elev8 Group Limited. Elev8 Group Limited is an unregulated foreign exchange brokerage and does not carry out regulated financial activities. Foreign exchange and payment services are facilitated through our regulated liquidity and payment partners where applicable. Testimonials and case studies shared on our website reflect individual customer experiences. Results may vary depending on personal circumstances.
‍
Payment and e-money services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: 1 Sheldon Square, London, W2 6TT, United Kingdom. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). You can find Currencycloud's Terms of Use here: https://www.currencycloud.com/legal/terms/
‍
Payment services in the United States are provided by Visa Global Services Inc. (VGSI), a licensed money transmitter (NMLS ID 181032) in the states listed - https://usa.visa.com/legal/visa-global-services-licenses.html. VGSI is licensed as a money transmitter by the New York Department of Financial Services. Mailing address: 900 Metro Center Blvd, Mailstop 1Z, Foster City, CA 94404. VGSI is also a registered Money Services Business ("MSB") with FinCEN and a registered Foreign MSB with FINTRAC. For live customer support contact VGSI at (888) 733-0041
For clients based in the European Economic Area, the issuance of e-money and the provision of related payment services for Elev8 Group Limited are provided by CurrencyCloud B.V. CurrencyCloud B.V. is registered with the Dutch Chamber of Commerce in the Netherlands under number 72186178. Registered office Mr. Treublaan 7, 1097 DP, Amsterdam, Netherlands. CurrencyCloud B.V. is licensed and regulated by De Nederlandsche Bank as an Electronic Money Institution (Relation Number: R142701).
‍
Payment services for Elev8 Group are provided by Sciopay Ltd. Sciopay Ltd is a company incorporated in England & Wales. Registration No: 12352935. Sciopay Ltd is licensed and regulated by HMRC as a Money Service Business (MSB). License No: XCML00000151326. Sciopay Ltd is authorised by the Financial Conduct Authority as an Authorised Payment Institution. Firm Reference Number: 927951
‍
Elev8 Group's payment and foreign exchange services are provided by Global Currency Exchange Network Ltd. T/A GC Partners. Global Currency Exchange Network Ltd. is authorised and regulated by the Financial Conduct Authority under the Payment Services Regulations, 2017 (FRN: 504346). Registered as a Money Services Business, supervised by HM Revenue & Customs (“HMRC”) under the Money Laundering Regulations 2017. (Registered number is 12137189). Registered in England and Wales, company number 04675786. Registered office: 85 London Wall, London, EC2M 7AD.
Payment Services are provided by Equals Connect Limited, registered in England and Wales (registered no. 07131446). Registered Office: Vintners' Place, 68 Upper Thames St, London, EC4V 3BJ. Equals Connect Limited is authorised by the Financial Conduct Authority to provide payment services (FRN: 671508).

Elev8 Exchange Group 2026

USD Remains in the Driving Seat

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5

Heading 6

Get Started