Market Braces for Increased Volatility Ahead of New Tariffs
FXOpen
Amid global economic uncertainty and anticipation of new tariffs, major currency pairs continue to test key levels. In recent weeks, market participants have been exercising caution, awaiting potential changes in trade policy that could significantly impact exchange rates. The introduction of new tariffs by the Trump administration could also put pressure on European currencies, adding another layer of uncertainty and volatility to the market. In the coming days, investors will focus on which tariffs will take effect from April and how this might influence the trajectory of leading currency pairs.
EUR/USD
The euro, after rebounding from 1.0950, tested key support at 1.0730 and is currently trading within a narrow range of 1.0850–1.0750. Technical analysis of EUR/USD suggests a possible continuation of the downward trend, as a series of bearish reversal patterns has formed on the daily chart.
If the price consolidates above 1.0960, a test of the psychological level at 1.1000 is possible.
Key events that may impact EUR/USD in the coming days:
➝ Today at 10:00 (GMT+2): Change in unemployment figures in Spain
➝ Today at 13:00 (GMT+2): Speech by European Central Bank representative Schnabel
➝ Tomorrow at 11:00 (GMT+2): Composite PMI by S&P Global for the Eurozone
➝ Tomorrow at 14:30 (GMT+2): ECB monetary policy meeting minutes release
GBP/USD
The GBP/USD currency pair remains within a narrow trading range of 1.2960–1.2870. A breakout of the lower boundary could lead to a test of support at 1.2770–1.2740.
If buyers manage to push the price above 1.3000, this could pave the way for a further rally towards 1.3100–1.3200.
Key events that may influence GBP/USD in the upcoming trading sessions:
➝ Today at 15:15 (GMT+2): ADP non-farm employment change in the US
➝ Tomorrow at 11:30 (GMT+2): UK Composite PMI
➝ Tomorrow at 11:30 (GMT+2): UK Services PMI
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
EUR/USD and GBP/USD consolidate ahead of the Fed decision
European currencies are showing subdued dynamics, entering a consolidation phase following their previous advance. Earlier, EUR/USD and GBP/USD broke out of their ranges and strengthened; however, the subsequent correction has led both pairs to retest the previously breached
Meta: V-Shaped Recovery Meets Heavy Volume Resistance
The movement in Meta Platforms shares is being driven by two competing narratives. On one hand, advertising revenue is benefiting from AI-based tools: the Advantage+ platform continues to support strong advertiser demand, and the analyst consensus for Q1 2026 revenue
Commodity Currencies Test Key Levels Ahead of Major Macro Data
Commodity-linked currencies are trading near key levels, showing restrained price action as market participants adopt a wait-and-see approach. The fundamental backdrop is shaped by expectations surrounding the release of Australia’s inflation data and the Bank of Canada’s interest