Currency news / September 4, 2025

Markets recover Monday's rout

3 min read Thanim Islam

Thanim IslamSeptember 4, 2025

Market snapshot:

Risk re-emerges, seeing weaker USD

Yesterday's currency recap

USD lost ground yesterday giving up some of Monday's gains on the combination of equities bouncing back and risk reemerging as well the JOLTS job numbers falling to the lowest in 10 months. Odds of the Fed cutting rates later this month firmed further.

GBP also recovered some of Monday's steep losses.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.01%	2.0549
GBPCAD	0.45%	1.8458
GBPCHF	0.27%	1.0759
GBPDKK	0.18%	8.5765
GBPEUR	0.18%	1.1492
GBPJPY	0.11%	198.49
GBPNOK	0.40%	13.439
GBPNZD	0.20%	2.2836
GBPSEK	0.07%	12.659
GBPUSD	0.40%	1.339

*Daily move - against G10 rates at 7:00 am, 04.09.25
** Indicative rates - interbank rates at 7:00 am, 04.09.25

Key data points

Currency	Event	Period	Consensus	Previous
USD	ADP Payrolls	Aug	68,000	104,000
USD	Initial Jobless Claims	Aug	230,000	22,900
USD	ISM Services	Aug	50.90	50.10
USD	ISM Prices Paid	Aug	230,000	69.90
USD	ISM New Orders	Aug	230,000	50.30
USD	ISM Employment	Aug	230,000	46.40

What we think

All eyes on US data with the release of the ADP payrolls report, initial jobless claims and then the ISM services numbers. Yesterday's miss on the JOLTS numbers saw a minor USD decline given how much markets are already pricing in rate cuts. Bigger moves on USD will likely be caused by an upside surprise on the numbers and if so, then stronger USD.

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