Rising geopolitical tensions in the Middle East have dominated activity in currency markets in the past fortnight or so. The safe-haven dollar gained across the board as the conflict between Israel and Iran intensified, although news of a US brokered ceasefire has buoyed risk appetite and sent the greenback crashing to its lowest level in three years. 

The Federal Reserve held interest rates steady at its June policy meeting, with FOMC members appearing divided over the path ahead for policy. Meanwhile, the latest data suggests that Britain’s labour market appears to be faltering, but what does this mean for the UK economy and the pound?

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