Yesterday, the USD selling continued over the afternoon, after a CNBC report suggested that Donald Trump' tariff announcement in the evening will not go into immediate effect and may start from around the 1st April instead. As a result, both GBPUSD and EURUSD tested resistance levels without being able to breach, suggesting that markets were waiting for the announcement before pushing both currency pairs higher.
*Daily move - against G10 rates at 7:30am, 14.02.25
** Indicative rates - interbank rates at 7:30am, 14.02.25
Into the evening, the Trump administration signed a measure to propose reciprocal tariffs on a country-by-country basis, beginning as soon as April. This sent ripples through the market, with USD taking a hit, propelling GBPUSD to soar to its highest point this year, while EURUSD tested familiar resistance levels once more.
For the rest of the day we have preliminary GDP numbers for the fourth quarter in Europe, followed by US retail sales.
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