Currency news / April 10, 2025

A 90-day pause on tariffs

3 min read Thanim Islam

Thanim IslamApril 10, 2025

Market snapshot:

Trump eases back tariffs… for now
Fears allayed… for now

Yesterday's currency recap

He giveth and he taketh away. In a strategic move, the Trump administration unveiled a 90-day pause, slashing the reciprocal tariff by 10%. This sparked a surge, propelling stocks to their most impressive daily gain since 2020.

The administration also ratcheted up tariffs on China on the nation to 125%. As a result, the EUR sold off, lifting GBPEUR off 9-month lows.

As equities tumbled, investors turned away from their usual safe havens, leading to a sell-off in both CHF and JPY.

Markets also eased rate cut expectations across the board.

Read more about Trump's tariffs here: Trump Tariffs Explained – Everything Global Businesses Need to Know

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.66%	2.1265
GBPCAD	-0.50%	1.8115
GBPCHF	-0.60%	1.0751
GBPDKK	-0.77%	8.6314
GBPEUR	-0.77%	1.1558
GBPJPY	-0.77%	185.295
GBPNOK	0.30%	14.0327
GBPNZD	-0.36%	2.2982
GBPSEK	0.05%	12.8029
GBPUSD	0.10%	1.2776

*Daily move - against G10 rates at 7:30am, 10.04.25
** Indicative rates - interbank rates at 7:30am, 10.04.25

Key data points

Currency	Event	Period	Consensus	Previous
USD	CPI MoM	Mar	0.10%	0.20%
USD	Core CPI MoM	Mar	0.30%	0.20%
USD	CPI YoY	Mar	2.50%	2.80%
USD	Core CPI YoY	Mar	3.00%	3.10%
USD	Initial Jobless Claims	Apr 5	224,000	219,000

What we think

US inflation numbers are due today and it will be interesting to see if the impact of the initial tariffs imposed on Canada, Mexico and China has been passed onto consumer prices. However, it’s likely too early to see the effects yet, so, an upside surprise would likely back recent hawkish calls from Fed members.

Last night's FOMC minutes also revealed members' concerns about stagflation in the economy. Some of the moves from last night's announcements have eased slightly, so here we go again for another rollercoaster day!

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