Market News
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Japanese Yen: Japan denies rate-pressure claims as data mixed – BNY
Geoff Yu notes Japan’s Growth Strategy Minister Minoru Kiuchi rejected reports that the government is trying to push interest rates lower or pressure the Bank of Japan (BoJ).
Canadian Dollar: Consolidation with stretched USD positioning – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note the Canadian Dollar (CAD) is effectively flat versus the US Dollar (USD) and trading close to their fair value estimate around 1.4158. They expect the recent deterioration in spreads to stabilize, easing downside pressure on the CAD.
United States Goods Trade Balance declined to $-105.89B in May from previous $-105.8B
United States Goods Trade Balance declined to $-105.89B in May from previous $-105.8B
Bank of Canada: Policy seen on hold through 2026 – RBC
Royal Bank of Canada (RBC) economist Claire Fan notes that the Q2 2026 Bank of Canada Business Outlook Survey showed resilient sales and investment expectations despite earlier Oil price shocks.
Polish Zloty: Dovish NBP tone risks downside – ING
ING economists Rafal Benecki and Adam Antoniak argue that reduced prospects of further tightening by the European Central Bank (ECB) and Federal Reserve (Fed) should ease external pressure on the Zloty.
United States Redbook Index (YoY): 11.5% (July 3) vs 10.5%
United States Redbook Index (YoY): 11.5% (July 3) vs 10.5%
Japanese Yen: Fiscal unease and BoJ path – MUFG
MUFG’s Lee Hardman notes the Japanese Yen (JPY) has firmed slightly, pulling USD/JPY back from 162.18 to 161.68, as comments from Growth Strategy Minister Minoru Kiuichi attempt to calm fiscal worries.
United States Goods and Services Trade Balance above expectations ($-78B) in May: Actual ($-77.6B)
United States Goods and Services Trade Balance above expectations ($-78B) in May: Actual ($-77.6B)
Canada Imports climbed from previous $72.44B to $72.86B in May
Canada Imports climbed from previous $72.44B to $72.86B in May
Canada Exports up to $77.1B in May from previous $75.16B
Canada Exports up to $77.1B in May from previous $75.16B
Canada International Merchandise Trade registered at $4.24B above expectations ($2.7B) in May
Canada International Merchandise Trade registered at $4.24B above expectations ($2.7B) in May
Euro: ECB support limited by spreads – NBC
National Bank of Canada ’s (NBC) Stéfane Marion and Kyle Dahms note the Euro (EUR) fell toward 1.13 in June despite a more hawkish European Central Bank (ECB), underscoring that EUR/USD remains driven by relative rates.
New Zealand Dollar: RBNZ seen starting rate hikes – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad highlights the Reserve Bank of New Zealand (RBNZ) policy decision as the key domestic event, with a first 25 bps hike to 2.50% expected.