
For the second day in a row, the dollar's upward momentum persists, driven by the anticipated month-end flows. This week's economic data has provided reassurance about the US economy, as consumer confidence surged in May, buoyed by the easing of China tariffs and the subsequent rebound in equity markets.
*Daily move - against G10 rates at 7:00 am, 29.05.25
** Indicative rates - interbank rates at 7:00 am, 29.05.25
The dollar jumped overnight after the US Court of International Trade has blocked Donald Trump’s deeming them illegal, laying out a 10-day deadline for the levies to be stopped. Both GBPUSD and EURUSD hit 9-day lows before some of this move faded as European markets opened this morning. The global risk rally also continued with equity markets continuing to climb but some of these gains were boosted by Nvidia results. The Trump administration is appealing the ruling.
Just the second estimates on Q1 growth and core PCE inflation today but given these are backward looking measures, neither are expected to have much impact on the markets.
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.