Currency news / May 28, 2025

Dollar claws back amid quiet markets

3 min read Thanim Islam

Thanim IslamMay 28, 2025

Market snapshot:

Yen selling continues helping the dollar

Yesterday's currency recap

Japanese yen selling continued throughout the day, with the currency being one of the worst performing of the day. The dollar managed to claw back its losses from Monday, no doubt aided, in some part, by the yen selling. The general mood in markets was buoyant as well, with equities continuing to make gains.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.34%	2.0981
GBPCAD	-0.12%	1.8604
GBPCHF	0.30%	1.117
GBPDKK	0.06%	8.889
GBPEUR	0.06%	1.1921
GBPJPY	0.63%	194.947
GBPNOK	0.19%	13.7186
GBPNZD	0.52%	2.2725
GBPSEK	0.70%	12.9949
GBPUSD	-0.44%	1.3503

*Daily move - against G10 rates at 7:00 am, 28.05.25
** Indicative rates - interbank rates at 7:00 am, 28.05.25

Today's speeches

USD: Fed Kashkari

What we think

The Reserve Bank of New Zealand cut rates by 0.25%, as was widely expected, but there was one dissent in the decision from Governor Hawkesby. The governor was less dovish than expected, leading to a stronger New Zealand dollar this morning.

USD has continued yesterday's gains, starting the day stronger across the board, and we are seeing GBP marginally weaker this morning.

Fed Kashkari is speaking later today and we have the latest Fed meeting FOMC minutes.

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