Markets moved yesterday, on reports of possible trades with the US, seeing both JPY and EUR strengthening as tariff clarity lifted risk appetite. EURUSD traded back near the July highs.
USD was dragged lower after commerce secretary Howard Lutnick commented that Jerome Powell “has to go”.
*Daily move - against G10 rates at 7:00 am, 24.07.25
** Indicative rates - interbank rates at 7:00 am, 24.07.25
Busy day ahead in the FX space, with the focus squarely on the ECB meeting and a full slate of PMIs across the UK, Eurozone, and US.
No change expected from the ECB today, but the tone from Lagarde will be key - any dovish lean or tariff talk could see the EUR slip, while firmer data and confidence could keep it supported.
GBP trades into the UK PMIs on the back foot, with signs of a growth slowdown likely to reinforce August rate cut expectations.
USD takes its cue from US PMIs later in the session, with yields still the main driver intraday.
Read more about the European Central Bank's interest rate decisions here - When is the next ECB interest rate decision?
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