Magna Financial Market Report – Tuesday 25th February 2025
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• Tariffs on Mexico and Canada set to move forward
• Macron and Trump meeting hints at Ukraine deal progress
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RECAP
Yesterday, the USD gained some support after President Trump reaffirmed that the 25% tariffs on Canada and Mexico would proceed, despite being delayed for a month. This helped buoy demand for the USD, which was also driven by safe haven buying due to a decline in US equities.
Meanwhile, French President Emmanuel Macron met with Trump at the White House, where he confidently declared, “we’re going to get this done” in reference to the ongoing Ukraine deal negotiations.
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OUR SUMMARY
The ECB will release its data on negotiated wage rates for Q4 2024 today, following a significant 5.4% year-on-year increase in Q3, far surpassing the ECB’s 3% target. A higher figure today could lead markets to scale back expectations of an imminent rate cut.
In the US, February’s consumer confidence numbers are forecasted to decline for the third straight month, which may put downward pressure on the USD.
Meanwhile, in the UK, BoE Chief Economist Huw Pill is set to speak, providing potential insights into the Bank of England’s current stance and economic outlook for GBP.
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OW WE CAN HELP
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Get in touch with Osman Hanif today on +44(0) 20 3371 9200 or email osman@magnafinancial.com
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