Currency news / October 24, 2025

CPI report in focus

3 min read Thanim Islam

Thanim IslamOctober 24, 2025

Market snapshot:

Markets braced for this afternoon’s US CPI number

Yesterday's currency recap

Yesterday, markets were very subdued as they remained braced for this afternoon’s CPI number from the US.

GBP started the day strong but finished generally lower ahead of today's retail sales and PMI numbers.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.65%	2.0453
GBPCAD	-0.80%	1.8642
GBPCHF	-0.31%	1.0599
GBPDKK	-0.25%	8.5711
GBPEUR	-0.25%	1.1475
GBPJPY	0.23%	203.455
GBPNOK	-0.62%	13.3019
GBPNZD	-0.41%	2.3175
GBPSEK	-0.41%	12.515
GBPUSD	-0.27%	1.332

*Daily move - against G10 rates as of 06:00 BST, 24.10.25
** Indicative rates - interbank rates as of 06:00 BST, 24.10.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	Manufacturing PMI	Oct	49.80	49.80
EUR	Services PMI	Oct	51.20	51.30
EUR	Composite PMI	Oct	51.00	51.20
GBP	Manufacturing PMI	Oct	46.60	46.20
GBP	Services PMI	Oct	51.00	50.80
GBP	Composite PMI	Oct	50.50	50.10
USD	CPI MoM	Sep	0.40%	0.40%
USD	CPI YoY	Sep	3.10%	2.90%
USD	Core CPI MoM	Sep	0.30%	0.30%
USD	Core CPI YoY	Sep	3.10%	3.10%

What we think

Focus today will be on US CPI numbers as USD markets finally have some data to sink their teeth into. There is an expectation that today's numbers will come in higher, which makes sense if you look at this week's gains on USD. Given markets are pricing-in 115bps worth of rate cuts over the next 12 months, we would expect a strong reaction on USD if the numbers suggest too many rate cuts are priced-in.

Following on from the CPI numbers earlier this week, GBP remains vulnerable for further losses if today’s PMI numbers show slower-than-anticipated activity.

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Have a great day.