Daily Update 28/01/2025
Tuesday 28/01/2025
Key Headlines:
- Trump Advocates for Broad Tariffs: President Trump proposes expansive tariff measures, signalling potential trade policy shifts.
- Safe Haven Buying Dominates Market: Investors shift toward safe-haven assets amid heightened market uncertainty.
Recap
Yesterday saw a surge in safe-haven buying, with JPY and CHF strengthening broadly as equities dipped following concerns over the launch of a lower-cost AI model by Chinese start-up DeepSeek. The USD also managed to recover from earlier losses.
Today’s Rates
Today's Interbank Rates at 09:45 am against GBP movement.
GBP>EUR – 1.1925
GBP>USD – 1.2449
EUR>GBP – 0.8383
EUR>USD – 1.0434
GBP>CAD – 1.7915
GBP>AUD – 1.9905
GBP>SEK – 13.690
GBP>AED – 4.5706
GBP>HKD – 9.6960
GBP>ZAR – 23.291
GBP>CHF – 1.1271
GBP>PLN – 5.0184
Today’s Key Takeaways
- USD Strengthens: The dollar is up approximately 0.5% this morning following Donald Trump's overnight remarks indicating plans for "much bigger" tariffs than 2.5% across the board.
- Expanded Tariff Plans: Trump announced future tariffs targeting foreign chips, pharmaceuticals, and metals, signalling a broadening trade strategy.
- Risk Sentiment Declines: Tariff concerns have dampened market risk appetite, prompting a shift toward safe-haven assets.
- Market Outlook: With limited data releases today, the focus is likely to remain on safe-haven buying amid ongoing tariff uncertainty.
28th January 2025
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