Home Daily Commentaries Trump tariffs to be unveiled tonight

Trump tariffs to be unveiled tonight

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.

| Wednesday 2 April, 2025

Daily Currency Update

Donald Trump’s much awaited programme of global tariffs is scheduled to be unveiled tonight in a speech by the President. The scale and scope of the tariffs is still unknown with some reports saying a flat rate of 20% on all countries, others 10% and then there are rumours of more targeted tariffs which will differ country to country, sector to sector. We will find out around 9pm BST tonight when the plan is revealed, and Trump talks at the White House shortly after. EUR/USD and GBP/USD are edging a little lower as risk aversion grips the markets with the pairs around 1.0790 and 1.29 respectively. Other safe-haven assets like the Japanese Yen, Swiss Franc and gold continue to hold their gains.

Key Movers

On the financial data front, yesterday saw the monthly US ISM Manufacturing PMI fall to 49.0. Any reading under 50 means that the sector is contracting. We also saw the monthly US Job Openings print come in at 7.57m for last month, lower than the 7.69m expected. Despite Trump’s insistence his plans are for the country's good, it appears his plans are causing concern for the time being.

Expected Ranges

  • GBP/USD: 1.2760 - 1.3030 ▼
  • GBP/EUR: 1.1890 - 1.2050 ▲
  • GBP/AUD: 2.0380 - 2.0620 ▼
  • EUR/USD: 1.0670 - 1.0960 ▼

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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