The Global FX Outlook – April 2025

It’s been a volatile start to the year — and April is no exception. With the U.S. economy cooling, central banks recalibrating, and fresh trade headlines shaking things up, the FX market is doing what it does best: reacting in real time.

Our April 2025 Currency Outlook unpacks the key trends moving global currencies right now.

What you will learn in this report:  

• Market analysis: How April’s tariff developments, inflation trends, and monetary policy updates are influencing FX performance.
• Currency projections: Updated expectations for USD, EUR, GBP, AUD, NZD, CAD, JPY, CNY, and key emerging markets.
• Risks to watch: Trade retaliation, rate cut recalibrations, and the drag from China’s economic slowdown.
• Actionable insights: What traders, investors, and global businesses should be watching — and planning for — in Q2 and beyond.