JPY underperforming as markets eye trade developments – Scotiabank

The Japanese Yen (JPY) is weak, down 0.4% against the US Dollar (USD) and trading heavily in an environment of trade policy uncertainty, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Markets await for CPI next week

"Sentiment is dominating, as we note the continued stability in yield spreads that should provide the yen with some fundamental rate support. Next week’s release calendar is critical, and we specifically highlight Friday’s CPI as an important input to BoJ policymakers’ deliberations into the July 31 meeting."

"A hold is widely expected but recent comments have hinted to the possibility of upward revisions to the central bank’s inflation forecast. We continue to highlight the neutral short-term technical outlook for USD/JPY with support at 142.50 and resistance above 148.00."

Jul 11, 2025

GBP tumbles on softer data ahead of next month’s BoE meeting – Scotiabank

Pound Sterling (GBP) is down 0.3% againt the US Dollar (USD) and trading heavily in response to the release of weaker than expected data including an unexpected contraction in monthly GDP, a worrisome decline in industrial production, and a wider than expected trade deficit, Scotiabank's Chief FX St

CAD: Now it's Canada's turn again with tariffs – Commerzbank

A few hours ago, the US President published a letter to Canada to inform them of the introduction of 35% tariffs from 1 August. As usual, he justified this by citing the large quantities of fentanyl allegedly entering the US from Canada.