Magna Financial Market Report – Wednesday 26th February 2025
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• GBPUSD and EURUSD near recent peaks
• Ukraine-US deal may lead to Russia ceasefire
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RECAP
US consumer confidence dropped to its lowest level since June 2024, driven by growing uncertainty over the tariff policy. This decline in sentiment led to a pullback in the USD, which fell below previous resistance levels against both GBPUSD and EURUSD. The weaker outlook contributed to diminished expectations, further pressuring the currency.
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OUR SUMMARY
The USD briefly strengthened overnight after the House passed a budget blueprint bill, paving the way for USD 4.5 trillion in tax cuts. Market sentiment could see a positive shift today, following reports that Ukraine has reached an agreement with the US to jointly develop its natural resources, a step that may lead to a ceasefire with Russia. Ukrainian President Zelensky is set to visit Washington on Friday to finalize the deal.
Looking ahead, with little data expected today, we anticipate FX rates to remain stable within recent ranges.
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HOW WE CAN HELP
Our team of currency experts are here to help you get more from your money when making international payments. We will work with you to understand your payment needs and offer specialised guidance on the best options available to you. Get in touch with Osman Hanif today on +44 (0) 20 3371 9200 or email osman@magnafinancial.com
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