Dear Reader,

 

Today's overview of economic news and market action: 

 

    • The risk-off tone at the start of the week evaporated yesterday …
    • Against this backdrop, markets moved in the direct opposite direction to Monday …
    • On the currency front, the dollar appreciated sharply …
    • This sees EUR/USD open today back below the $1.14 threshold …
    • GBP/USD is operating back near the $1.33 handle …
    • USD/JPY is changing hands up in the top half of ¥141-142 …
    • Meanwhile, EUR/GBP is down near the midpoint of the 85-86p range …
    • The main data highlight today will be the flash PMIs for April in the Eurozone, UK and US …
 
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Today's Opening FX Rates
 
      % Change Day* End 2024
EUR/USD 1.1393   -0.17 10.05
EUR/GBP 0.856   -0.48 3.47
GBP/USD 1.3307    -0.72 6.36
GBP/EUR 1.1679     0.48 -3.35
*versus Previous Day's European Open

All rates quoted are indicative market rates.

 

 

 
 
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Following a tumultuous week on financial markets, with President Trump unwinding some tariff measures and ratcheting up others, uncertainty abounds, with little clarity on the future path of policy. However, as we discussed in our Weekly publication last Friday, the markets have found the pain threshold for the Trump administration and have potentially set a guardrail on future policy
 
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