Currency news

Dollar takes a hit as tariff concerns weigh on sentiment

Head of FX Analysis at Equals Money
-
3
min read
Published:
April 29, 2025
  • GBPUSD hits through Sept 24 high
  • Ball in China’s court


Yesterday's currency recap

The dollar suffered a sell-off in the afternoon, after the Dallas Fed manufacturing index fell to its lowest level since May 2020. Thirty percent of the firm's surveyed reported declining new orders, and, to no surprise, citing the uncertainty of Trump's tariffs on the outlook for their business.

Sterling, in general, performed pretty solidly throughout the day, seeing GBPEUR hit its highest levels since 7th April.

Today's GBP rates

Currency pair Daily move* Indicative rate**
GBPAUD 0.38% 2.0888
GBPCAD 0.67% 1.856
GBPCHF 0.32% 1.1058
GBPDKK 0.40% 8.7813
GBPEUR 0.40% 1.1764
GBPJPY -0.05% 191.16
GBPNOK 0.10% 13.8783
GBPNZD 0.55% 2.2457
GBPSEK -0.10% 12.888
GBPUSD 0.58% 1.3393


*Daily move - against
G10 rates at 7:30am, 29.04.25

** Indicative rates - interbank rates at 7:30am, 29.04.25

Key data points

Currency Event Period Consensus Previous
USD JOLTS Job Openings Mar 7,500,000 7,568,000

What we think

US JOLTS job numbers are the focus today and, really, we’ll need the numbers to suggest the job market remains strong to alleviate the pressure on the dollar. Late into the evening, the currency dropped further, as US-China tariff talks appeared to be at a standstill after Bessent’s comments suggested that China must make the first move in de-escalating trade tensions. The dollar is trying to gain this morning, after Trump announced he will lift some levies on foreign car parts and give imported cars a relief from separate tariffs on aluminium and steel.

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