The March 2025 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services' Foreign Exchange (FX) Market Trading Desk.
Headlines
Recent Canadian, US and UK inflation data came in higher than expected but US tariffs have heightened uncertainty from a monetary policy perspective.
—Market Services FX Spotlight
- The Bank of England executed a dovish 25 bps cut at their February meeting with members voting 7-2 in favour of a 25 bps cut
- The ECB cuts their policy rate by 25 bps to 2.5%
- US CPI for the month of January came in hotter than expected
- The US implemented 25% tariffs for Canada and Mexico and Canada announced duties on CAD 125 billion of US exports
- March sees central bank meetings from the ECB, BoC, Fed, BoJ and BoE
- Brazil’s Galipolo reinforced the path towards higher and more restrictive rates, which combined with the closed Brazilian economy, boosted the BRL
- The Chilean Peso has been one of the top performing EM currencies this year
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