Week in Brief
Spreads held flat across every major FX pair and gold all week, even as a hawkish Fed drove the dollar higher and gold fell for a third straight week. The movement was in the indices. Swissquote NAS100 swung from 3.2 points Monday to 2.45 midweek and back to 2.95 Thursday, while BlackBull held NAS100 at 1.0 the whole week. Swissquote also widened WTI from 0.052 to 0.072 points across the four days as the Strait of Hormuz reopened.
Spread Movements by Instrument
EUR/USD
Stable- Week range
- 0.72 pips cross-broker average, all four days
- Cheapest
- BlackBull Markets and Pepperstone-World at 0.1 pips every day
- Notable
- EUR/USD bounced off three-month lows near 1.1420 to around 1.1460. Spreads did not move.
GBP/USD
Stable- Week range
- 0.83 to 0.95 pips cross-broker average
- Cheapest
- BlackBull Markets at 0.1 pips every day
- Notable
- BoE held at 3.75% on a 7-2 vote. IG dropped GBP/USD from its feed on Thursday.
XAU/USD (Gold)
Stable- Week range
- 0.12 to 0.50 USD across core brokers, all four days
- Cheapest
- BlackBull Markets at 0.12 USD every day
- Notable
- Gold fell for a third week near $4,150 on Fed hawkishness. Spreads were unmoved. Saxo-World quoted 34 USD all week, an outlier.
WTI/USD (Oil)
Swissquote widened through the week- Week range
- 0.03 to 2.8 pts cross-broker, Swissquote widening 0.052 to 0.072 pts
- Cheapest
- easyMarkets-World at 0.03 pts (Monday to Wednesday)
- Notable
- WTI near $76.60 after the Strait of Hormuz reopened under an interim US-Iran deal. Swissquote spread widened about 38% Monday to Thursday.
US500
Stable- Week range
- 0.4 to 1.1 pts cross-broker average, all four days
- Cheapest
- IG-World at 0.4 pts (ThinkMarkets quoted 0.3 pts Thursday)
- Notable
- No movement despite the hawkish Fed backdrop.
NAS100
Swissquote tightened midweek, then widened Thursday- Week range
- 1.0 to 3.2 pts across the two reporting brokers
- Cheapest
- BlackBull Markets at 1.0 pts every day
- Notable
- Swissquote ran 3.2, 2.45, 2.45, 2.95 across the four days. BlackBull held flat at 1.0.
USD/JPY
Stable- Week range
- 0.86 pips cross-broker average, all four days
- Cheapest
- BlackBull Markets and Pepperstone-World at 0.1 to 0.3 pips
- Notable
- No movement.
Broker Spotlight
BlackBull Markets held the tightest spreads across the board again this week: 0.1 pips on EUR/USD, GBP/USD and USD/JPY, 0.12 USD on gold, and 1.0 pts on NAS100, all unchanged across four days. Swissquote was the only broker to move spreads materially, widening WTI and swinging NAS100 while every FX pair stayed flat.
Market Context
- Hawkish Fed and a stronger dollar pushed gold to a third weekly loss near $4,150. Gold spreads did not move.
- BoE held rates at 3.75% on a 7-2 split. GBP/USD fell then recovered. Spreads stayed flat.
- ECB seen near the end of its hiking cycle, capping euro upside. EUR/USD bounced from three-month lows around 1.1420. No spread reaction.
- Strait of Hormuz reopened under an interim US-Iran deal, steadying WTI near $76.60. Swissquote WTI spread widened across the week.
To Watch Next Week
- 23 June — Flash June PMIs (US, EU, UK) — EUR/USD, GBP/USD, US500
- 26 June — US PCE inflation data — EUR/USD, XAU/USD, US500
- Continued Fed hawkish guidance — XAU/USD, EUR/USD