Feb 4, 2025

Global Currencies Stabilize Amid Trade Tariff Deliberations

On Tuesday, global currencies including the Canadian dollar, Mexican peso, and euro remained steady against the U.S. dollar, following a volatile Monday. According to a report by Kevin Buckland at Reuters, these currencies rebounded considerably amid news that U.S. President Donald Trump has temporarily suspended tariffs on Canada and Mexico.

Amid this backdrop, the Chinese yuan held firm in offshore trading, having rebounded from a historic low. Developers and economists expressed optimism about reaching an agreement to avoid the implementation of 10% tariffs on Chinese shipments expected to take effect shortly. In line with these developments, the Australian dollar—often viewed as a proxy for the yuan—stabilized after recovering from a near five-year low.

Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum have agreed to enhance border enforcement efforts, responding to Trump's demands for stricter immigration and anti-drug trafficking measures. This measure delays the 25% tariffs that would have been enforced on Tuesday by 30 days.

The agreements, as noted on the IndexBox platform, temporarily alleviate concerns of an economic fallout predicted by economists, which would have led to increased consumer prices across the board.

An analysis from TD Securities warned, "Risk sentiment improved markedly following the late-day announcement, but we'd caution that trade concerns could start to weigh on markets again if there are no tangible signs of progress on a lasting deal by the end of the month." The U.S. dollar held flat at C$1.4435 after a significant 0.85% drop on Monday, despite earlier reaching its highest point since 2003 at C$1.4792. TD Securities foresees a rise to C$1.50 due to Canada's "relatively weak macro story" and ongoing trade uncertainty.

The U.S. dollar experienced a slight rise of 0.3% to 20.3939 Mexican pesos, recovering from a 1.7% drop on Monday after hitting nearly a three-year peak of 21.1882. Kyle Rodda, a senior financial markets analyst, suggested that Trump's tariff suspensions could be negotiating tactics, believing a full-scale trade war is unlikely.

The U.S. dollar modestly increased by 0.15% to 7.3126 yuan off-shore after a minor decline on Tuesday. Meanwhile, the Australian dollar noted a 0.2% dip to $0.6214 after its rebound from previous lows. The euro also fell by 0.2% to $1.0323 after recovering from a multi-year low on Monday.

Amid Trump's rhetoric, speculations abound over potential tariff targets among global economic blocs, with the 27-nation European Union possibly next, although no specifics were provided. Meanwhile, the British pound edged down slightly following a previous session gain. The yen lost ground against the U.S. dollar, down to 155.35, as investor sentiment shifted from Japan's safe-haven currency.

In the cryptocurrency sector, Bitcoin remained steady at $101,454 following a robust overnight recovery from a session low.

Source: IndexBox Market Intelligence Platform

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption, By Country, 2018–2024
5. Production, In Physical Terms, By Country, 2012–2024
6. Imports, In Physical Terms, By Country, 2012–2024
7. Imports, In Value Terms, By Country, 2012–2024
8. Import Prices, By Country Of Destination, 2012–2024
9. Exports, In Physical Terms, By Country, 2012–2024
10. Exports, In Value Terms, By Country, 2012–2024
11. Export Prices, By Country Of Origin, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Consumption, By Country, 2024
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2024
18. Production, In Value Terms, 2012–2024
19. Production, By Country, 2024
20. Production, In Physical Terms, By Country, 2012–2024
21. Imports, In Physical Terms, 2012–2024
22. Imports, In Value Terms, 2012–2024
23. Imports, In Physical Terms, By Country, 2024
24. Imports, In Physical Terms, By Country, 2012–2024
25. Imports, In Value Terms, By Country, 2012–2024
26. Import Prices, By Country, 2012–2024
27. Exports, In Physical Terms, 2012–2024
28. Exports, In Value Terms, 2012–2024
29. Exports, In Physical Terms, By Country, 2024
30. Exports, In Physical Terms, By Country, 2012–2024
31. Exports, In Value Terms, By Country, 2012–2024
32. Export Prices, 2012–2024