USD steadied after selling off yesterday

John Hall • April 22, 2025

Key Headline:

·       USD steadied after selling off yesterday.

·       Research revised their EURUSD forecast higher over Fed independence concerns. 

·       China kept their 1y and 5y loan prime rates unchanged. 


Recap

·       Asian equities traded lower overnight, along with S&P 500 futures.

·       The broader USD remained unchanged after a significant selloff on Easter Monday.

·       EUR/USD climbed to 1.1550 yesterday — its highest level since the end of 2021.

·       The DXY (Dollar Index) dropped to its lowest level since March 2022.

·       Safe-haven currencies such as the JPY and CHF remain in demand:

·       USD/JPY fell to the key 140.00 level.

·       Asian currencies continue to benefit from the broadly weaker USD.

·       This week is light in terms of economic data releases.

·       Market attention is likely to focus on developments in trade talks:

  • Ongoing discussions between India and the US.
  • Upcoming talks with Japan, expected to take place on 24th April.

Source: Bloomberg, Barclays Research


Today’s Rates

Today's Interbank Rates at 12:20 am against GBP movement.

GBP>EUR – 1.1641

GBP>USD – 1.3372

EUR>GBP – 0.8589

EUR>USD – 1.1488

GBP>CAD – 1.8503

GBP>AUD – 2.0900

GBP>SEK – 12.740

GBP>AED – 4.9101

GBP>HKD – 10.373

GBP>ZAR – 24.920

GBP>CHF – 1.0857

GBP>PLN – 4.8929

The Week ahead

·       Wednesday – Indonesia: BI rate.

·       Wednesday – Flash Manufacturing PMI.

·       Wednesday – Flash Services PMI.

·       Wednesday – UK: Flash Manufacturing PMI.

·       Wednesday – UK: Flash Services PMI

·       Thursday – Germany: IFO current assessment

·       Thursday – US: Existing home sales

·       Friday – Japan: Tokyo CPI, % y/y

·       Friday – Japan: Tokyo CPI excl. perishables, % y/y

·       Friday - UK: Retail sales, % m/m

 

22nd of April 2025


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