Last week brought significant volatility to the currency markets, particularly for Sterling and US Dollar pairs. We observedGBP/EUR rising to 1.2120, GBP/USD climbing to 1.27, and EUR/USD initiallyreaching 1.05 before retreating to the 1.03 area by Friday.
Two major developments drove these movements.The British Prime Minister's visit to the White House resulted in confirmation that the US will not impose tariffs on British goods. Conversely, President Trump's suggestion of a potential 25% tariff on European car imports substantially pressured the EUR/USD exchange rate.
Additionally, weekend meetings between Ukrainian President Zelensky, President Trump, and VP J.D. Vance appeared to yield limited progress. Follow-up discussions with the British PM showed somewhat more promise, though a Ukraine/Russia ceasefire remains elusive. Markets may react to these developments as trading begins on Monday.
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