GBP/AUD is poppin’ up wicks near a range resistance. Will the pair draw enough pressure to stay inside its range? Or will the bulls force an upside breakout?
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EUR/CHF has formed lower highs and found resistance at the .9420 level, creating an ascending triangle pattern on its 4-hour chart. Is another bounce off support in the works?
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Canada rescinds Digital Services Tax. Via a Canada finance ministry statement on Sunday.
CAD jumps a little higher.
On Friday we had this:
Adam suggested that:
Spot on.
So, Canada rescinds digital services tax:
This article was written by Eamonn Sheridan at www.forexlive.com.
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The news is here:
USD/CAD has dropped on the news:
The background to this was in Friday:
Adam responded to the chaos by saying:
And that is more or less what has played out.
This article was written by Eamonn Sheridan at www.forexlive.com.
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Japanese households are set to face sharper cost-of-living pressures in July, with a private survey showing food price hikes on more than 2,100 items — a five-fold increase from a year earlier. The average price increase is expected to be around 15%, according to Teikoku Databank, which surveyed 195 major food manufacturers. More from the survey:
Teikoku warned that further spikes in crude oil — particularly if Middle East tensions escalate — could trigger a fresh wave of inflation similar to 2022, when nearly 26,000 items saw price hikes.
The data add to pressure on the Bank of Japan, which has so far resisted further rate increases and looks set to hold until next year:
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Coming up this week is the BOJ’s quarterly tankan survey, due Tuesday. Expected to show:
This article was written by Eamonn Sheridan at www.forexlive.com.
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0430 US Eastern time / 0830 GMT:
1500 US Eastern time/1900 GMT:
This article was written by Eamonn Sheridan at www.forexlive.com.
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Japan Industrial Production for May 2025, preliminary, +0.5% m/m for a huge miss
and -1.8% y/y
Industrial Production forecast 1 month ahead +0.3% m/m
Data via Ministry of Japan’s Economy, Trade and Industry Ministry
US tariffs threat but hasn’t even hit yet:
Japan’s government is trying to get exemptions, but Trump does not sound in the mood to compromise.
more to come
Earlier re Japan:
This article was written by Eamonn Sheridan at www.forexlive.com.
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UK-based fintech Revolut has agreed to acquire Banco
Cetelem in Argentina from BNP Paribas, marking its first direct entry into the
South American banking market, Bloomberg reported, citing people familiar with
the matter. The deal reportedly includes Cetelem’s local banking
license and roughly $6.4 million in assets.
Establishing Presence in Argentina
The acquisition allows Revolut to establish a formal
presence in Argentina’s financial system as the company pushes ahead with
international expansion plans. The London-headquartered fintech has already
initiated the regulatory approval process with Argentina’s central bank.
Banco Cetelem is one of the smallest lenders in
Argentina, ranking near the bottom of the central bank’s list of financial
institutions by assets. However, the license is seen as a strategic asset for
Revolut, which is increasingly relying on acquisitions to enter new markets.
Revolut is acquiring Argentina’s Banco Cetelem, a small local lender owned by BNP Paribas https://t.co/5PR9fe5ao6
— Bloomberg (@business) June 26, 2025
The company participated in a competitive bidding
process for the bank, which also attracted interest from Southern Cross Group
and brokerage firm Criteria.
Revolut has started staffing for its Argentine
operations and recently appointed Augustin Danza as CEO for the local unit. The
company, which serves 60 million users globally and is valued at around $45
billion, already holds a restricted banking license in the UK and a full
license in Mexico. It is pursuing at least 10 more banking permits worldwide.
Read more: Revolut Names Béatrice Cossa-Dumurgier Western Europe CEO in Banking License Drive
The entry into Argentina comes as President Javier
Milei’s administration rolls out economic reforms that are reshaping the
financial sector. The country is experiencing a revival in credit markets, with
banks issuing mortgages for the first time in years.
Private Sector Lending
According to Bloomberg, data from industry group Adeba
show that private sector lending rose 53% in real terms in 2023, the strongest
growth in more than three decades.
Revolut enters a crowded and competitive landscape,
where regional fintech firms like MercadoLibre and Uala already dominate
consumer digital payments and retail banking services. Still, the company appears intent on leveraging its
new local status to compete in the evolving market.
This article was written by Jared Kirui at www.financemagnates.com.
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Trump has accused Japan of engaging in unfair trade practices in the automobile sector, calling for Tokyo to boost imports of U.S. energy and goods to help narrow the trade deficit.
In a Fox News interview aired Sunday, Trump criticised the imbalance, noting that while the U.S. imports millions of Japanese vehicles, Japan takes few American-made cars in return:
Japan is currently trying to secure an exemption from a 25% U.S. auto tariff and avoid a 24% reciprocal tariff due to take effect July 9.
The auto industry makes up roughly 28% of Japan’s ¥21 trillion ($145 billion) in annual exports to the U.S.
This article was written by Eamonn Sheridan at www.forexlive.com.
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Michael Saylor, co-founder of Strategy, has hinted at the firm’s 11th straight week of Bitcoin purchases, continuing a buying streak that began on April 14.
Strategy’s latest purchase was on June 23, when it added 245 BTC for $26 million, boosting its total holdings to 592,345 BTC.
This cements Strategy’s status as the largest known corporate holder of Bitcoin, with more than double the combined holdings of the next 20 largest public Bitcoin treasury firms, according to BitcoinTreasuries.
Info via Coinbase.
This article was written by Eamonn Sheridan at www.forexlive.com.
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People’s Bank of China USD/CNY reference rate is due around 0115 GMT.
The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2%.
How the process works:
This article was written by Eamonn Sheridan at www.forexlive.com.
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Intercepted communications between senior Iranian officials, obtained by the U.S. and reported by the Washington Post, suggest that last weekend’s U.S. strikes on Iran’s nuclear sites were less damaging than expected.
The conversations reveal surprise within the Iranian government over the limited scope of the attacks ordered by President Donald Trump. The relatively restrained impact has sparked concern within the U.S. administration that Iran’s nuclear program may soon resume.
The White House has not disputed the authenticity of the intercepted discussions.
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The news is getting coverage in media outlets. I wonder if such news will prompt further US attacks?
This article was written by Eamonn Sheridan at www.forexlive.com.
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