Currency news / April 15, 2025

Markets tepid with continued tariff headlines

3 min read Thanim Islam

Thanim IslamApril 15, 2025

Market snapshot:

USD weakness persists
GBPEUR rebounds from December 2023 troughs

Yesterday's currency recap

USD losses continued yesterday, with traders concerned over global trade and potentially positioning themselves for further weakness on the greenback. Time will tell but it seems that for confidence in USD to return, confidence in US treasuries needs to renew first.

GBP performed well across the G10 ahead of this morning's job data and Wednesday's inflation numbers.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.26%	2.0864
GBPCAD	0.97%	1.8312
GBPCHF	0.57%	1.0728
GBPDKK	0.70%	8.6591
GBPEUR	0.70%	1.1598
GBPJPY	0.30%	188.381
GBPNOK	0.11%	13.9619
GBPNZD	0.02%	2.2454
GBPSEK	0.60%	12.8763
GBPUSD	0.70%	1.3177

*Daily move - against G10 rates at 7:30am, 15.04.25
** Indicative rates - interbank rates at 7:30am, 15.04.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	EU Zew Survey	Apr		39.80
EUR	German Zew Survey	Apr	10.00	51.60
CAD	CPI MoM	Mar	0.70%	1.10%
CAD	CPI YoY	Mar	2.70%	2.60%

What we think

USD continues to be on the back foot after Donald Trump pushed ahead with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating trade probes that will continue to increase the prospect of a trade war.

GBP is relatively unmoved after job numbers were mixed. There were signs of a slower momentum in wage growth (5.9% versus a 6% forecast) and the unemployment rate remained at 4.4%. Based on this, there is a risk that the Bank of England may have to move faster. Nonetheless, market pricing continues to suggest that the bank will cut rates by 25bp every quarter until the end of the year.

The EUR has opened up weaker this morning with GBPEUR finding support, and rebounding December 2023 lows.

Read more about Trump's tariffs here: Trump Tariffs Explained – Everything Global Businesses Need to Know

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