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Major currencies strengthen against US dollar despite tariffs
Daily FT
|April 11, 2025
THE currencies of most major economies have appreciated against the US dollar since the start of 2025, despite the massive jump in US tariffs, Fitch Ratings says in its new FX Market Monitor.
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Developed market currencies (except Australia) have appreciated by an (unweighted) average of 4.5% since end-2024. Market participants’ concerns about the adverse impacts of tariff hikes on US growth appear to have had a more pronounced impact on the value of the US dollar than the prospect of a narrower trade deficit.
Emerging market currencies show more idiosyncratic movements, with significant appreciations of the Russian rouble (about 30%), the Brazilian real and the Polish zloty, but also a weakening of the Turkish lira and the Indonesian rupiah.
This story is from the April 11, 2025 edition of Daily FT.
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