Currency news / February 26, 2025

Markets continue to consolidate

3 min read Thanim Islam

Thanim IslamFebruary 26, 2025

Market snapshot:

GBPUSD and EURUSD remain near recent highs

Yesterday's currency recap

US consumer confidence slumped to its lowest reading since June 2024 with uncertainty surrounding the tariff policy driving expectations lower. As a result, USD retreated, settling under prior resistance levels on both GBPUSD and EURUSD.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.48%	1.9981
GBPCAD	0.45%	1.8086
GBPCHF	-0.23%	1.1301
GBPDKK	-0.08%	8.9901
GBPEUR	-0.08%	1.2053
GBPJPY	-0.23%	188.5640
GBPNOK	0.26%	14.0707
GBPNZD	0.53%	2.2138
GBPSEK	-0.30%	13.4211
GBPUSD	0.24%	1.2655

*Daily move - against G10 rates at 7:30am, 26.02.25
** Indicative rates - interbank rates at 7:30am, 26.02.25

What we think

USD found some brief support overnight after the House passed a budget blueprint bill that will pave the way for USD 4.5 trillion in tax cuts. Market sentiment could get a boost today on reports that Ukraine is said to have agreed a deal with the US to jointly develop its natural resources, potentially paving the way for a ceasefire with Russia. President Zelenskiy is set to visit Washington on Friday to seal the deal.

Looking ahead, there's very little due out today so we expect FX rates to consolidate within recent ranges.

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