It’s been another turbulent month for global markets, with three dominant forces shaping the narrative: the disruptive impact of AI, renewed uncertainty around tariffs and global trade policy, and rising geopolitical tension between the US and Iran. Together, these themes are keeping volatility elevated and suppressing risk appetite. This monthly guide provides analysis of the global trends and events driving FX volatility, to help SMEs and corporates uncover the potential opportunities or risks involved with cross-border trade. We hope that with better access to insights, more informed international trade and payment strategies may lead to better financial outcomes for our customers.