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Market Moving News
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| Intra-day Market Moving News |
| 30 Jun 2025 |
02:38 |
USD/CAD - 1.3670... LSEG reported Canada has rescinded its digital services tax in a bid to advance trade negotiations with the U.S., Canada's finance ministry said in a statement on Sunday.
Canadian Prime Minister Mark Carney and U.S. President Donald Trump will resume trade negotiations with a view towards agreeing on a deal by July 21, 2025, the ministry said.
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| 30 Jun 2025 |
02:32 |
USD/CAD - 1.3671... Citing source from forexlive.com, Canada rescinds Digital Services Tax to advance broader trade negotiations with the US
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| 27 Jun 2025 |
20:07 |
USD/CAD - 1.3705... LSEG news, US Treasury Secretary Bessent says :
- as of Monday, Canada will introduce a retroactive tax
- my inclination is that USTR will start a 301 investigation into digital services taxes
- think about $2 billion retroactive digital service taxes from Canada
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| 27 Jun 2025 |
19:41 |
USD/CAD - 1.3712... LSEG news, in an interview with CNBC, Canadian Prime Minister Carney, reacting to Trump move on trade, says :
- "we'll continue to conduct these complex negotiations in the best interest of Canadians"
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| 27 Jun 2025 |
17:53 |
USD/CAD - 1.3730... LSEG then reported President Donald Trump said on Friday the U.S. is immediately ending trade talks with Canada in response to the country's digital services tax on technology companies, calling it a "direct and blatant attack on our country."
"Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump wrote in a post on Truth Social. "We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period."
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| 27 Jun 2025 |
17:49 |
USD/CAD - 1.3732... LSEG news, on Truth Social, US President Trump says :
- we are hereby terminating all discussions on trade with Canada, effective immediately
- will let Canada know tariff they will be paying to do business with the U.S. within in the next seven day period
- Canada just announced they are putting digital services tax on American technology companies, which is a direct and blatant attack
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| 27 Jun 2025 |
12:41 |
Continues from previous update...
The Personal Consumption Expenditures (PCE) Price Index gained 0.1% in May, matching the rise in April, the BEA said. In the 12 months through May, PCE inflation increased 2.3% after climbing 2.2% in April.
Stripping out the volatile food and energy components, the PCE Price Index increased 0.2% last month. That followed a 0.1% rise in the so-called core PCE inflation in April.
In the 12 months through April, core inflation advanced 2.7% after rising 2.6% in April. The Fed tracks the PCE price measures for its 2% inflation target. The central bank last week left its benchmark overnight interest rate in the 4.25%-4.50% range, where it has been since December.
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| 27 Jun 2025 |
12:40 |
USD/MAJORS... LSEG reported U.S. consumer spending unexpectedly fell in May as the boost from the pre-emptive buying of goods like motor vehicles ahead of tariffs faded, while monthly inflation increases remained moderate.
Consumer spending, which accounts for more than two-thirds of economic activity, dropped 0.1% last month after an unrevised 0.2% gain in April, the Commerce Department's Bureau of Economic Analysis said on Friday. Economists polled by Reuters had forecast consumer spending would edge up 0.1%.
Consumer spending also nearly braked last quarter after being propelled by households pulling forward goods purchases. Households also spent less on services last quarter, helping to restrain growth in consumer spending to only a 0.5% pace, the slowest rate since the second quarter of 2020.
That data potentially puts spending on a slow growth path in the second quarter.
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| 27 Jun 2025 |
12:31 |
USD/CAD - 1.3651... LSEG reported the Canadian economy contracted by 0.1% in April, on a downturn in the manufacturing sector largely as a result of U.S. tariffs, Statistics Canada said on Friday.
May GDP was most likely down 0.1%, the agency said in a flash estimate.
The goods-producing sector fell by 0.6% in April, while the service-producing sector increased by 0.1%.
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| 27 Jun 2025 |
12:01 |
Continues from previous update...
At the same time, Kashkari said, the economic data so far has revealed "only a modest imprint of the effects of tariffs on prices, activity or the labor market," with inflation making renewed progress toward the Fed's 2% goal.
That may suggest, he said, that companies have won exemptions, have adjusted their supply routes, or are otherwise finding ways to avoid the tariffs altogether, limiting the impact on inflation.
"Those opposing signals have led me to maintain my outlook for two cuts over the remainder of 2025, implying a possible first cut in September, barring some surprising development before then," Kashkari said.
"If we were to cut in September and then the effects of tariffs showed up this fall, I believe we should not be on a preset easing course" but could adjust to fit the new data, he added.
"If the data called for it we could hold the policy rate at the new level until we gained greater confidence that inflation was headed back to our target."
For now, though, Kashkari said: "We should put more emphasis on the actual inflation and real economic data that we are seeing without committing to an easing policy path in case the effects of tariffs are merely delayed."
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| 27 Jun 2025 |
12:00 |
USD/MAJORS... LSEG reported Federal Reserve Bank of Minneapolis President Neel Kashkari is sticking to his view that cooling inflation will allow the world's most important major central bank to cut its policy rate twice this year, starting in September.
In an essay released on Friday, Kashkari also signalled that if progress on inflation stalls or reverses the Fed could simply pause its rate-cutting cycle until prices ease again.
Tariffs suggest an inflation boost is "likely coming," he said, as more goods from Asia, subject to the biggest tariff increases, arrive on the shelves of U.S. businesses.
While businesses may not want to risk angering customers by charging more for their wares, they will start passing on price increases in the absence of trade deals lowering tariffs, he said.
In this scenario, the effect of tariffs on inflation may simply arrive later than expected, Kashkari said.
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| 27 Jun 2025 |
11:40 |
USD/MAJORS... LSEG news, in an interview with Fox Business Network, U.S. Treasury Secretary Bessent says :
- confident that magnets will flow in China-US deal
- this is a de-escalation
- agreement with China will allow magnets to flow to everyone who received them before on a regular basis
- on Aug 12 tariffs date, going to be up to Chinese, think we can keep this de-escalation under control
- we will see if China wants to be a responsible partner
- I think we could have trade wrapped up by Labour Day
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| 27 Jun 2025 |
08:32 |
EUR/USD - 1.1713... LSEG news, ECB's de Guindos says :
- ECB is on track to meet its 2% inflation target
LSEG then reported the European Central Bank is on track to meet is 2% inflation target, the institution's Vice President Luis de Guindos said on Friday.
"We are confident we will meet the inflation target, which is why we lowered interest rates", he told Spanish TV broadcasther Antena 3.
The ECB cut interest rates this month for the eighth time in the past year and signalled at least a policy pause next month as it waits for the fog to clear surrounding trade tensions with the United States.
Euro zone inflation, which briefly hit double digits in late 2022, fell to 1.9% last month and the ECB expects it to stay below its 2% goal next year.
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| 27 Jun 2025 |
08:15 |
EUR/USD - 1.1722... LSEG reported Italian businesses sentiment improved for a second month running in June but consumer morale fell back slightly, data showed on Friday, in mixed signs for the prospects of the euro zone's third largest economy.
National statistics institute ISTAT's composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, rose to 93.9 this month from 93.1 in May, posting the highest reading since February.
Consumer confidence declined in June to 96.1 from 96.5 the previous month, ISTAT said, below a median forecast of 97.0 in a Reuters' poll of analysts.
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| 27 Jun 2025 |
06:48 |
USD/MAJORS... LSEG news, China Commerce Ministry on China-US London talks says :
- two sides further confirmed details on framework
- China will approve export applications for controlled items in accordance with law
- both sides maintained close communication after meetings in London
- the US side will accordingly lift a series of restrictive measures taken against China
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