Currency news / October 14, 2025

Dollar steadies, GBP slips on softer jobs data

3 min read Thanim Islam

Thanim IslamOctober 14, 2025

Market snapshot:

US-China Trade Tensions still in focus
GBP under pressure on job numbers

Yesterday's currency recap

USD rebound yesterday, recouping part of Friday’s dip after the Trump administration signalled openness to a trade deal with China – easing escalation fears.

Treasury Secretary Bessent said Trump and Xi are still expected to meet in South Korea later this month. This had a calming effect on markets.

FX flows were generally light on account of US markets being closed, with volumes below recent averages; the only standout was a burst of demand for AUD following its heavy sell-off on Friday.

Haven currencies JPY and CHF underperformed given pick up in risk appetite.

EUR remained weak with French politics remaining in focus after President Macron reshuffled his cabinet to ease political pressure and push through the budget.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.90%	2.045
GBPCAD	-0.10%	1.87
GBPCHF	0.42%	1.0723
GBPDKK	0.20%	8.6025
GBPEUR	0.20%	1.1519
GBPJPY	0.50%	203.005
GBPNOK	-0.50%	13.4492
GBPNZD	-0.32%	2.3257
GBPSEK	-0.26%	12.6661
GBPUSD	-0.22%	1.3332

*Daily move - against G10 rates as of 06:00 BST, 13.10.25
** Indicative rates - interbank rates as of 06:00 BST, 13.10.25

Speeches

GBP: BoE Bailey
USD: Fed Powell, Waller and Collins

What we think

US-China trade tensions rose again after Beijing slapped new curbs on US units of Hanwha Ocean as the USTR probes its maritime sector. Scott Bessent hit back, accusing China of weaponising rare earths to hurt the global economy. As a result, USD is marginally weaker.

UK job numbers this morning showed earnings slowed to 5.0% year-on-year (excluding bonus 4.4%) vs 4.8% expected, while unemployment ticked up to 4.8%.

Employment rose modestly but workers on payroll fell ~10k, hinting at softer job demand and cooling wage pressures. Earlier in the morning the British retail consortium revealed that retail sales grew at a slower pace in September. GBP is weaker to start the day as concerns of the economy once again weigh on the currency. Thursdays GDP number is the next key piece of data for GBP.

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