Market Commentary – April 2025
- Date: 09/05/2025
Key Themes Driving Currency Markets “Liberation Day” Shock Sinks Dollar At the start of April, President Trump delivered a long-awaited address regarding reciprocal tariffs. “Liberation Day” brought forth a 10% global baseline tariff on all trade partners, with higher – sometimes significantly higher – rates on those deemed to….
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Market Commentary – March 2025
- Date: 08/04/2025
Key Themes Driving Currency Markets Weight of Uncertainty Sinks USD U.S. trade policy and the global response to tariffs were a primary FX driver in March, but the focus on tariffs was less singular this month, sharing airtime with various macro and policy developments. USD continued to shed tariff premium….
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Market Commentary – February 2025
- Date: 12/03/2025
Uneven Tariff Talk and Weaker Outlook Weigh on USD Tariffs remained front and centre throughout February as markets reevaluated the credibility of Trump’s threats. Following the postponement of tariffs on Canada and Mexico, originally set to start in early February, market participants increasingly interpreted Trump’s tariff threats as merely a….
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Market Commentary – January 2025
- Date: 10/02/2025
Key Themes Driving Currency Markets Trump’s arrival, DeepSeek AI sow uncertainty in FX markets Economic data largely played second fiddle to the headlines this month, with FX price action driven primarily by President Trump’s tariff threats and developments in the AI space. Trump’s first weeks in office have proved tumultuous,….
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