Safe haven buying was the call of the day yesterday, with JPY and CHF gaining across the board, as concerns over the cheaper AI model from Chinese startup DeepSeek sent equities trading lower. USD pared its earlier losses as well.
*Daily move - against G10 rates at 7:30am, 28.01.25
** Indicative rates - interbank rates at 7:30am, 28.01.25
USD is back on the front foot this morning after Donald Trump's comments overnight suggested he wants to impose “much bigger” tariffs than 2.5%, across the board. As a result, USD is up by roughly 0.5%.
Trump also pledged tariffs on foreign chips, pharmaceuticals, and metals to come in the near future. Trump's comments on tariffs are driving risk appetites lower, and, with little out today, we expect the clamber for safe havens to continue.
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