Home Daily Commentaries Donald Trump set to unveil raft of new tariffs

Donald Trump set to unveil raft of new tariffs

Jake Trask
Written by
Jake Trask

Jake Trask

OFXpert

Based in London, Jake boasts a rich and extensive career in the foreign exchange industry, spanning 15 years.

| Monday 31 March, 2025

Daily Currency Update

Markets are on edge this morning as Donald Trump's latest round of tariffs are set to be unveiled on April 2nd, a day Trump has dubbed "liberation day." At present it looks like tariffs will be applied globally to all countries to begin and then certain countries who are deemed to be favourable will be taken off the list. Most stock markets have opened lower this morning with safe-haven gold trading at another all-time high. There has been some limited movement in forex markets however, it may be traders are becoming used to the aggressive rhetoric from Trump, which often never materialises. GBP/USD is up to 1.2965 with GBP/EUR up to 1.1970 possibly highlighting the UK's limited exposure to the proposed tariffs.

Key Movers

Away from tariffs, Donald Trump has also publicly rebuked Vladimir Putin for his apparent slow action to go along with Trump's proposed peace plan for Ukraine. On the data-front this week’s big events are Eurozone inflation data due tomorrow and Friday's US jobs report which is expected to show 139k people were added to the workforce in March. EUR/USD trades around 1.0820.

Expected Ranges

  • GBP/USD: 1.2870 - 1.3015 ▲
  • GBP/EUR: 1.1920 - 1.2025 ▲
  • GBP/AUD: 2.0560 - 2.0710 ▲
  • EUR/USD: 1.0765 - 1.0915 ▼

Written by

Jake Trask

OFXpert

As a Senior Corporate Client Manager, Jake and his team manage a diverse portfolio of 250 businesses to meet their varied foreign exchange needs. He enjoys untangling the complexities of foreign exchange dynamics, constantly striving to provide clients with the most informed insights and strategies to navigate these fluctuations successfully.

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