Currency news / February 14, 2025

USD loses out on tariffs delay

3 min read Thanim Islam

Thanim IslamFebruary 14, 2025

Market snapshot:

GBPUSD and EURUSD attempt 2025 high

Yesterday's currency recap

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.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	0.46%	1.9913
GBPCAD	0.05%	1.7815
GBPCHF	-0.25%	1.1339
GBPDKK	0.22%	8.9600
GBPEUR	0.22%	1.2013
GBPJPY	-0.18%	191.8350
GBPNOK	0.03%	14.0278
GBPNZD	0.50%	2.2172
GBPSEK	-0.30%	13.5066
GBPUSD	0.64%	1.2526

*Daily move - against G10rates at 7:30am, 14.02.25
** Indicative rates - interbank rates at 7:30am, 14.02.25

Key data points

Currency	Event	Period	Consensus	Previous
EUR	GDP QoQ	Q4	0.00%	0.00%
EUR	GDP YoY	Q4	0.90%	0.90%
USD	Retail Sales MoM	Jan	-0.20%	0.40%
USD	Retail Sales YoY	Jan	0.30%	0.70%

What we think

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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