Region: Europe

Dollar rally hinges on Iran. Euro stuck in diplomatic limbo. Rebound built on shaky foundations.

Domestic realities test the limits of Iran’s campaign. Front‑end eases, euro lifts. BoE hawkishness finds clearer expression.

Geopolitics back in the driver’s seat. Sterling’s fragile backstop exposed. ECB hawks re-claim the narrative.

Hawkish Fed, hot oil, stronger dollar. BoE holds, hawkish tone lifts the pound. Euro jumps as ECB recalibrates.

Fed clouded by the fog of war. BoE to remain in “wait and see” pattern. ECB won’t move the euro.

A balancing act for the Fed. Recovery lacks conviction. Oil rebound complicates BoE’s path to target.