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Market Volatility Rises as Trump’s Tariff Plans Shake Global Currencies

New comments made from Donald Trump surrounding the implementation of tariffs on Canada & Mexico to now be introduced from April 2nd has seen GBP/CAD reach the highest levels since 2018. Donald Trump stated he would not be stopping the tariffs; however, a White House official said the deadline remains as March 4th which has undoubtedly created more uncertainty. The drop experienced by the Canadian Dollar was off the back of a specific mention that Trump is intent on pursuing a 25% tariff on all imports.

Pound Sterling has continued its climb against The Euro in particular, again after more comments from Donald Trump continued his war on trade tariffs by singling The EU out as well for a generic 25% tariff on car imports. Trump believes The EU are effectively screwing the US and Trump now sees car exports as a way to hit back. Car exports from The EU to The US account for 14.7% for the total exports in 2023. Any further downside to the Euro could well be limited, as Trump seems to change his tune on a daily/weekly basis.

Yesterday we had also seen Sterling reach its highest level in 2025 against The US Dollar as market expectations around further interest rate cuts by The Federal Reserve grew. Just two weeks ago, markets were leaning heavily towards just a single rate cut by the central bank, targeted for December 2025. However, with the US economy showing signs of cooling, a further 30 basis-points worth of cuts has been added to expectations which had initially sent The Dollar falling slightly. 

Consumer confidence in The US economy also noticeably declined since Trump’s inauguration as President last month in the aftermath of an economic policy shake-up. Consumer confidence is now at its lowest level since June 2024, coupled with concerns that further job losses in the public sector could bring a tipping point for the jobs market that potentially paves the way to a recession. Job’s data releases throughout the next few weeks and months will be key to track, as any weakness in NFP and weekly data could prove detrimental to any US Dollar momentum.

GBP/EUR 1.2083 GBP/USD 1.2660 GBP/AED 4.6511
GBP/AUD 2.0106 GBP/CHF 1.1355 GBP/CAD 1.8142
GBP/NZD 2.2286 EUR/USD 1.0467 GBP/ZAR 23.3710

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