Directions

• The Federal Reserve and the European Central Bank (ECB) are diverging in their interest rate policies, creating a significant split in monetary direction. • Strong U.S. economic data, including the latest ISM Services PMI, suggests the U.S. economy is expanding healthily without triggering new inflation concerns. • Market expectations have shifted, with investors becoming less convinced that the ECB will implement further rate hikes in September, which is putting downward pressure on the EUR/USD pair.

Keir Starmer’s party lost out to Reform and the Greens, with no respite in Scotland, Wales or England. These maps show the scale of the historic resultsElection 2026 live: latest news updatesFull results from England, Scotland and WalesLabour has suffered heavy losses across England, Scotland and Wales, losing ground to opponents on the left and the right in a fragmented political system.The graphics below show where Labour’s losses were most severe, and how the electoral landscape has changed as a result. Continue reading...