Currency news / July 24, 2025

Markets buoyed on trade deal talks

3 min read Thanim Islam

Thanim IslamJuly 24, 2025

Market snapshot:

EU and Japan close to trade deals
ECB likely to hold rates today

Yesterday's currency recap

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”.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.30%	2.0508
GBPCAD	-0.10%	1.845
GBPCHF	-0.05%	1.0759
GBPDKK	-0.10%	8.6046
GBPEUR	-0.10%	1.1528
GBPJPY	-0.26%	198.473
GBPNOK	-0.25%	13.686
GBPNZD	-0.19%	2.2423
GBPSEK	-0.05%	12.9042
GBPUSD	-0.17%	1.3559

*Daily move - against G10 rates at 7:00 am, 24.07.25
** Indicative rates - interbank rates at 7:00 am, 24.07.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	Manufacturing PMI	Jul	49.80	49.50
EUR	Services PMI	Jul	50.60	60.50
EUR	Composite PMI	Jul	50.70	50.60
GBP	Manufacturing PMI	Jul	48.00	47.70
GBP	Services PMI	Jul	52.90	52.80
GBP	Composite PMI	Jul	51.80	52.00
USD	Manufacturing PMI	Jul	52.70	52.90
USD	Services PMI	Jul	53.00	52.90
USD	Composite PMI	Jul	52.80	52.90
EUR	ECB Meeting	Jul	2.00%	2.00%

What we think

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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