The April 2025 edition of Market Services FX Spotlight features global market news and insights from RBC Investor Services' Foreign Exchange (FX) Market Trading Desk.
Headlines
The market still awaits the details surrounding the April 2 “Liberation Day” tariffs from the US although recent details suggest these tariffs may be narrower in scope than initially implied.
—Market Services FX Spotlight
- The USD traded rangebound after initially declining early in March as FX markets shrugged off tariff headlines.
- The BoC cut their key rate by 25 bps to 2.75% at the March meeting and cited the ongoing trade disruptions as a crisis which could severely impact the economy.
- US CPI and PPI eased for the month of February.
- Canadian inflation came in significantly higher than expectations at 2.6% year over year versus expectations of 2.2%.
- April has a slew of central bank meetings from majors including the BoC, ECB, RBA and RBNZ.
- Volatility gripped Turkish markets on March 19 after Ekrem Imamoglu, the Mayor of Istanbul and prominent rival to the president, was jailed on corruption charges.
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