Last week was fairly calm on the currency front, despite notable events such as the UK Spring Statement. While the Statement itself didn’t create immediate volatility, it has set the stage for a challenging outlook ahead.
Growth forecasts for 2025 have been revised sharply lower, and inflation is predicted to rise again in the medium term. The UK government could face difficult decisions around raising taxes once more, particularly with another tough Autumn Budget expected later this year. As we head into April, we’d hope for brighter weather and clearer trading conditions—though at this point, both remain uncertain.
The main event this week will undoubtedly be President Trump's reciprocal tariffs, set to take effect on Wednesday, April 2nd. Trump intends to match the tariff rates imposed by countries that levy charges on U.S. exports, creating significant uncertainty for global trade.
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