EUR/GBP consolidates on positive UK Retail Sales and Trump’s EU tariff threat

The British Pound Sterling steadies on upbeat Retail Sales data.
The Euro pauses as markets digest Trump’s 50% tariff proposal on EU imports.
EUR/GBP rises off seven-week lows with investors closely monitoring developments in major economies.

Tammy Da Costa, CFTe®FXStreet

The Euro (EUR) is trading in a tight range against the British Pound (GBP) after Friday’s positive UK Retail Sales data and a resurgence of tariff uncertainty contributed to global risk sentiment.

With EUR/GBP consolidating around the critical level of 0.84 at the time of writing, investors are closely monitoring developments in EU-US trade tensions, which will likely influence the broader economic outlook.

UK Retail Sales surprise to the upside, with German GDP overshadowed by Trump’s EU tariff threat

For the United Kingdom, positive Retail Sales data were released on Friday, reflecting an increase in consumer spending in April. The Office for National Statistics (ONS) reported that Retail Sales rose by 1.2% on a MoM basis, beating estimates of 0.2% and far above the negatively revised 0.1% reported in March.

The robust data raises the prospects that the Bank of England (BoE) may keep interest rates steady in June, allowing the central bank to focus on elevated inflation levels reported on Thursday.

For the EU, recent economic data helped boost demand for the Euro against its peers this week. On Friday, Germany’s Growth Domestic Product (GDP) surprised to the upside, with Europe’s largest economy growing by 0.4% on the quarter and 0% on an annual basis. Analysts had anticipated a 0.2% increase in Q1, with the economy expected to contract by 0.2% YoY.

However, gains were capped by the US President's post on Truth Social on Friday morning that revealed intensifying trade tensions. Trump proposed a 50% tariff on EU imports starting June 1 due to his frustration with trade negotiations.

As the EU and the UK await further economic data releases that may continue to drive interest rate expectations and growth forecasts, EUR/GBP may continue to consolidate in the short term.

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.64%	-0.72%	-0.94%	-0.87%	-1.14%	-1.36%	-0.95%
EUR	0.64%		-0.08%	-0.28%	-0.23%	-0.48%	-0.70%	-0.29%
GBP	0.72%	0.08%		-0.19%	-0.15%	-0.37%	-0.63%	-0.21%
JPY	0.94%	0.28%	0.19%		0.07%	-0.21%	-0.42%	-0.01%
CAD	0.87%	0.23%	0.15%	-0.07%		-0.28%	-0.48%	-0.07%
AUD	1.14%	0.48%	0.37%	0.21%	0.28%		-0.21%	0.20%
NZD	1.36%	0.70%	0.63%	0.42%	0.48%	0.21%		0.41%
CHF	0.95%	0.29%	0.21%	0.00%	0.07%	-0.20%	-0.41%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

Author

Tammy Da Costa, CFTe®

FXStreet

Tammy is an economist and market analyst with a deep passion for financial markets, particularly commodities and geopolitics.

AUD/USD stuck as the RBA talks tough into a slowdown

The Australian Dollar is going nowhere in a hurry, and the contradiction at its core explains why. The Reserve Bank of Australia keeps dangling the prospect of another hike, yet the economy it governs just expanded 0.3% in the first quarter, a clear step down from the prior pace. A central bank threatening to tighten into a visible slowdown is not a recipe for conviction in either direction, and the tape shows it.

USD/JPY: Japanese Yen coiled at the line, leaning on everyone but Japan

The Yen is doing very little, and that stasis is the whole story. USD/JPY sits glued near 160.00 not because Japan has found new strength, but because two outside forces are fighting to a draw over it: a US rate complex that keeps the dollar bid, and a Ministry of Finance that refuses to let the line break.

Gold declines below $4,500 on stalled US-Iran ceasefire talks, US NFP data looms

Gold price edges lower to near $4,470 during the early Asian session on Friday. The precious metal remains volatile amid ongoing geopolitical turmoil. Traders will closely monitor the developments surrounding the US-Iran peace deal and the US May employment report later on Friday.

DeFi hack losses drop 80% from 2022 peak as security defenses improve — Immunefi

Losses from decentralized finance exploits have fallen by 80% since reaching a record high in 2022, according to a report released by Immunefi. The report, which analyzed exploit-driven losses across major blockchain ecosystems between 2020 and 2025, found that DeFi protocol losses declined from $2.62 billion in 2022 to $534 million in 2024.

Nonfarm payrolls: Testing the limits of Fed policy patience

The upcoming nonfarm payrolls report for May will provide the final update on the US labor market before Kevin Warsh attends his first policy meeting as the new Fed Chair later this month.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.