Currency news / May 30, 2025

Tariffs staying in place

3 min read Thanim Islam

Thanim IslamMay 30, 2025

Market snapshot:

US court of appeals overturn initial ruling

Yesterday's currency recap

Overnight gains for the dollar and equity markets were erased yesterday following weaker than expected employment date and after second estimates came in at -0.2% for Q1. Whilst the initial reaction from the US court hearing on tariffs improved sentiment initially, the mood, once again, is one of uncertainty. Price action suggests this with both the dollar and equities lower than prior to the ruling. Sterling was dragged lower as a result of lower risk sentiment in the markets.

Currency flows benefitted the current safe haven currencies of the euro, yen and swiss franc.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.14%	2.0929
GBPCAD	-0.06%	1.8621
GBPCHF	-0.32%	1.1106
GBPDKK	-0.49%	8.8519
GBPEUR	-0.49%	1.1868
GBPJPY	-0.30%	194.454
GBPNOK	-0.40%	13.661
GBPNZD	-0.08%	2.2555
GBPSEK	-0.85%	12.8922
GBPUSD	0.11%	1.3485

*Daily move - against G10 rates at 7:00 am, 30.05.25
** Indicative rates - interbank rates at 7:00 am, 30.05.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	German CPI MoM	May	0.10%	0.40%
EUR	German CPI YoY	May	2.10%	2.10%
USD	Personal Spending	Apr	0.20%	0.70%
USD	Core PCE MoM	Apr	0.10%	0.00%
USD	Core PCE YoY	Apr	2.50%	2.60%

What we think

Another day and another twist in the tariff saga. Last night the US Court of Appeals decided to temporarily pause the tariff ruling by the US Court of International Trade. As a result, Trump's global tariffs will stay in place and the administration is also weighing up a stopgap plan to impose tariffs as high as 15% for 150 days.

Markets have opened up relatively flat this morning following the news last night, and the dollar recovered some of its losses with markets attempting to reposition themselves from the US court hearing from the prior day. However, it does seem that market are still looking to position themselves for selling dollars on any signs of strength in the currency.

For the rest of the day, we have inflation data from Germany and the US in the form of CPI and core PCE this afternoon.

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