Currency news / September 1, 2025

USD slips on tariff ruling

3 min read Thanim Islam

Thanim IslamSeptember 1, 2025

Market snapshot:

Big week ahead with US job numbers

Yesterday's currency recap

USD fluctuated over Friday, initially gaining in the morning, but sold off going into the month-end 4pm fix. Core PCE numbers came in as expected.

GBP sold off steadily throughout the day, tracking the lower risk appetite to finish the week.

Today's GBP rates

Currency pair	Daily move*	Indicative rate**
GBPAUD	-0.16%	2.0652
GBPCAD	-0.10%	1.8557
GBPCHF	-0.20%	1.0807
GBPDKK	-0.15%	8.6195
GBPEUR	-0.15%	1.1547
GBPJPY	-0.05%	198.45
GBPNOK	-0.10%	13.589
GBPNZD	-0.24%	2.2906
GBPSEK	-0.10%	12.8
GBPUSD	-0.03%	1.3509

*Daily move - against G10 rates at 7:00 am, 01.09.25
** Indicative rates - interbank rates at 7:00 am, 01.09.25

What we think

USD is starting the day weaker across the board after The US Court of Appeals ruled Donald Trump’s global tariffs are illegal, but the levies will stay in place while the case proceeds.

USD’s main focus will be on the US jobs report on Friday and there will be even more attention than normal given the downward revisions in August. ISM manufacturing and the Fed Beige Book will also be drivers for USD.

For the EUR, focus falls on August’s CPI numbers and given markets have all but ruled out any further cuts this year by the ECB, a surprise to the downside will be the bigger market mover.

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