Key Headline:

• EUR/USD experiences a sharp weekly downturn.
• Key market drivers this week: US job data, ECB decisions, and ongoing tariff developments.

Recap

Friday saw significant reversals in GBP/USD and EUR/USD, potentially signalling the end of their recent upward trend. EUR/USD faced the biggest setback after US-Ukraine negotiations collapsed, with tensions flaring between Trump and Zelensky, putting the proposed mineral deal on hold. However, Zelensky later expressed openness to a future meeting, suggesting he would consider a private White House invitation from Trump.

Today’s Rates

Today's Interbank Rates at 09:42 am against GBP movement.

GBP>EUR – 1.2111

GBP>USD – 1.2617

EUR>GBP – 0.8255

EUR>USD – 1.0415

GBP>CAD – 1.8209

GBP>AUD – 2.0286

GBP>SEK – 13.502

GBP>AED – 4.6323

GBP>HKD – 9.8100

GBP>ZAR – 23.548

GBP>CHF – 1.1366

GBP>PLN – 5.0670

Today’s Key Takeaways

• Macron & Starmer Push for Ukraine Truce: Reports suggest the leaders are working on a one-month ceasefire plan, giving the EUR an early boost.
• EUR CPI in Focus: Inflation data from Spain and Germany came in lower than expected, raising the possibility of a softer eurozone CPI print.
• US Data Watch: ISM manufacturing figures are due this afternoon, with markets closely monitoring any signs of economic slowdown.
• Tariff Uncertainty: Markets await clarity on whether the US will proceed with proposed tariffs on Canada, Mexico, and China.

Major Events This Week:

• US Jobs Report: February’s employment data will be key in shaping USD momentum after recent weakness.
• ECB Decision: A 0.25% rate cut is fully priced in, but Christine Lagarde’s statement on future easing will drive EUR sentiment.

03^rd March 2025

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