Week of 8 to 11 June 2026·Published
Week in Brief
Spreads were flat across every major FX pair and gold all week. The ECB raised rates by 25 basis points on Thursday and EUR/USD spreads held at 0.78 pips without movement. The one instrument worth watching is NAS100: Swissquote ranged from 1.7 to 3.2 points across four days while BlackBull held firm at 1.0. WTI spreads tightened Tuesday, widened Wednesday, then recovered fully by Thursday as US-Iran ceasefire talks continued.
Spread Movements by Instrument
EUR/USD
Stable- Week range
- 0.78 pips cross-broker average, all four days
- Cheapest
- BlackBull Markets and Pepperstone-World at 0.1 pips every day
- Notable
- ECB raised rates 25bp to 2.25% on Thursday. Spreads did not move. EUR/USD near 1.1530, two-month lows.
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
- Saxo-World quoted 34 USD all week, an outlier. All other brokers ranged 0.12 to 0.50 USD. Gold near $4,100.
WTI/USD (Oil)
Tightened Tuesday, widened Wednesday, recovered Thursday- Week range
- 0.80 to 1.00 pts cross-broker average
- Cheapest
- EasyMarkets-World at 0.03 pts every day
- Notable
- IG-World held at 2.8 pts all week. WTI fell ~3% to $87.60 as US-Iran ceasefire talks continued. Thursday average matched Tuesday.
GBP/USD
Stable- Week range
- 1.005 pips cross-broker average, all four days
- Cheapest
- BlackBull Markets at 0.1 pips every day
- Notable
- OANDA at 2.0 pips was the most expensive every day. GBP/USD near 1.3350 ahead of UK monthly GDP data.
US500
Stable with a Wednesday widening that reversed Thursday- Week range
- 0.70 to 0.76 pts cross-broker average
- Cheapest
- IG-World and ThinkMarkets at 0.3 to 0.4 pts
- Notable
- Swissquote widened from 1.1 to 1.35 pts on Wednesday, then fully reversed to 1.1 on Thursday.
NAS100
Volatile at Swissquote, stable at BlackBull- Week range
- 1.0 to 3.2 pts across brokers
- Cheapest
- BlackBull Markets at 1.0 pt every day
- Notable
- Swissquote ranged Mon 2.7, Tue 1.7, Wed 3.2, Thu 2.45 with no clear market trigger. BlackBull held firm all four days.
BTC/USD
Stable per broker- Week range
- 15 to 2,500 USD across brokers
- Cheapest
- ThinkMarkets at 15 USD (Monday and Wednesday)
- Notable
- Three brokers at 15, 101, and 2,500 USD. Range reflects product structure differences, not market volatility.
USD/JPY
Stable- Week range
- 0.83 pips cross-broker average, all four days
- Cheapest
- BlackBull Markets at 0.1 pips every day
- Notable
- USD/JPY strengthened on safe-haven demand and sticky US inflation. Spreads held flat through the move.
Broker Spotlight
BlackBull Markets was the tightest book of the week, cheapest on EUR/USD (0.1 pips), GBP/USD (0.1 pips), USD/JPY (0.1 pips), XAU/USD (0.12 USD), and WTI/USD (0.104 to 0.114 pts) every day. Saxo-World on XAU/USD at 34 USD and OANDA on GBP/USD at 2.0 pips were the consistent outliers. Swissquote NAS100 hit 3.2 pts on Wednesday, three times BlackBull's 1.0 pt.
Market Context
- ECB rate hike. The European Central Bank raised rates 25bp to 2.25% on Thursday, its first hike in nearly three years. EUR/USD spread held at 0.78 pips through the decision. EUR near two-month lows at 1.1530.
- US-Iran ceasefire talks. WTI crude fell ~3% to $87.60 as negotiations continued following last week's Strait of Hormuz closure. WTI spreads recovered to 0.80 pts Thursday after a mid-week widening to 1.00 pts.
- Gold at $4,100. Gold held near $4,100, pressured by rising Fed rate hike bets and a stronger dollar. XAU/USD spreads were unchanged all four days despite price movement.
- USD/JPY strengthening. The dollar gained against the yen on safe-haven demand and sticky US CPI data. USD/JPY spreads held flat at 0.83 pips all week.
To Watch Next Week
- Week of June 15: US-Iran ceasefire or escalation. Watch WTI/USD and XAU/USD for spread widening if talks break down.
- Week of June 15: UK monthly GDP release. A downside miss could widen GBP/USD spreads from the current 1.005 pip average.
- Mid-June: US retail sales and PPI. Strong data reinforces dollar strength. Watch for Swissquote index spread widening around the release.