USD found some support yesterday after President Trump stated that tariffs on Canada and Mexico are still moving ahead after a month's delay. As a reminder, the US is set to impose 25% tariffs on both countries. USD was also in demand on safe haven buying following a slump in US equities.
French president Emmanuel Macron met Trump in the White House yesterday announcing “we’re going to get this” Ukraine deal done.
*Daily move - against G10 rates at 7:30am, 25.02.25
** Indicative rates - interbank rates at 7:30am, 25.02.25
From Europe this morning we have the ECB’s publication of negotiated wage rates for the final quarter of 2024. In Q3 the number jumped to 5.4% year-on-year, far above the ECB’s target of 3%. A higher number today could see markets ease rate cut expectations.
From the US, we have consumer confidence numbers for February, which is forecast to decline for the 3rd consecutive month and thus could cause some weakness on USD.
And finally, for GBP today we have the BoE Chief Economist Huw Pill speaking.
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