Monday 10th February 2025
TODAY’s RATES & MARKET NEWS
Tariffs increase USD demand.
25% tariffs on steel and aluminum announced
EUR, CAD, and MXN facing pressure
Recap
Tump in headlines: Reports suggest he plans to impose reciprocal tariffs, though target countries remain unspecified.
Market reaction: Treasury yields rose on inflation concerns, lowering the likelihood of a second Fed rate cut this year. The USD strengthened across the board.
US jobs data: Job additions fell short (143K vs. 175K expected), but prior revisions added 100K jobs. Unemployment dipped to 4% from 4.1%.
ECB outlook: Economists estimate the neutral interest rate between 1.75% - 2.25%, aligning with market expectations of 1.75% by year-end.
Today’s Rates
Today's Interbank Rates at 11:55 am against GBP movement.
GBP>EUR – 1.2010
GBP>USD – 1.2400
EUR>GBP – 0.8326
EUR>USD – 1.0325
GBP>CAD – 1.7780
GBP>AUD – 1.9756
GBP>SEK – 13.527
GBP>CHF – 1.1283
GBP>PLN – 5.0227
GBP>AED – 4.5534
GBP>HKD – 9.6508
GBP>ZAR – 22.830
Today’s Key Takeaways
USD Strengthens: Supported by Trump’s announcement of 25% tariffs on steel and aluminum, potentially impacting Canada, Mexico, China, Brazil, South Korea, and Germany. CAD, MXN, and EUR are under pressure.
EUR Outlook: May gain support if the proposed Russia-Ukraine ceasefire takes shape.
Key Data Releases:
Wednesday: January CPI & PPI to gauge US inflation. Headline and core CPI (YoY) expected to remain unchanged. Retail sales anticipated to show a slowdown from December.
Thursday: UK GDP report expected to confirm a 0.1% contraction in Q4 following the Bank of England's GDP downgrade for the year
6th February 2025
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