FX markets

Daily Market View 10-03-2026

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1:13

Trump gives some hope of quick end

1 Minute Market Rundown

Oil prices drop modestly as Trump said yesterday that the war with Iran will "be over soon" but rules out end to fighting this week
Dollar gives up some of its most recent gains as Oil retreats
UK consumers feel most pessimistic on economy since the start of the year

World-

The Pound has been truly out of the news recently, overshadowed by the ongoing conflict, a conflict that traders are so keen to see finished, that Trump just saying "it will be over soon" is enough for some of them. Within the UK, expectations of a Bank of England interest rate cut on the 19th have evaporated, from an initial 75% two weeks ago, to just 11% now.

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Of course, this is on account of the ongoing war's impact on the energy market, with the Bank of England likely wanting to wait and see how long this conflict goes on. Another week of fighting and then an end this weekend or even just a partial reopening of the strait of Hormuz, would really aid sentiment.

It seems unlikely to sway the BoE now however, given that there is still likely to be some kind of inflationary impact of this war on the UK, just when inflation had reached its lowest since March of 2025.

Markets Today

*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer or check online for a live quote.

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