Get the clarity you need to navigate shifting market conditions with confidence. The Market Services FX Spotlight delivers timely insights and analysis from RBC Investor Services’ FX Market Trading Desk, helping you understand the currency moves, central bank decisions and geopolitical shifts that matter most to your portfolio and your clients.
Headlines
- Renewed US–Iran tensions repeatedly gave way to negotiation progress in June, sparking a broad cross-asset risk rally and a steady decline in oil prices as ceasefire developments eased energy supply concerns.
- Canada’s labour market rebounded sharply in May, adding 87,800 jobs against estimates of just 10,000, with full-time employment surging 154,000. The unemployment rate fell to 6.6%.
- The Bank of Canada held its policy rate at 2.25% at its June 10 meeting, maintaining a two-way risk stance on its next move.
- USMCA negotiations entered a second round on June 16-17. The Trump administration has stated that the United States does not require the agreement.
- In the UK, Andy Burnham won the Makerfield by-election, paving the way for a challenge to Prime Minister Keir Starmer, who subsequently announced his resignation on June 22. Sterling rallied and 10-year gilt yields fell to 4.80% as markets welcomed a the Labour successor.
June saw the US–Iran conflict oscillate between escalation and de-escalation, with renewed tensions giving way to negotiation advances that sparked a broad cross-asset risk rally.
