Currency news / January 28, 2025

Tariff man strikes again

3 min read Thanim Islam

Thanim IslamJanuary 28, 2025

Market snapshot:

Trump calls for broad tariffs
Market in safe haven buying mode

Yesterday's currency recap

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.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.48%	1.9862
GBPCAD	0.25%	1.7950
GBPCHF	-0.63%	1.1236
GBPDKK	-0.04%	8.8743
GBPEUR	-0.04%	1.1892
GBPJPY	-1.13%	192.5170
GBPNOK	0.45%	14.0392
GBPNZD	0.40%	2.1959
GBPSEK	0.11%	13.6559
GBPUSD	-0.10%	1.2473

*Daily move - against G10rates at 7:30am, 28.01.25
** Indicative rates - interbank rates at 7:30am, 28.01.25

What we think

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.

We specialise in currency guidance

Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Over the last 19 years we’ve helped over a million customers and last year alone processed over £12bn. We’re tried and trusted, and we’re ready to help you.

Have a great day.