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Reuters
23-07-2025
- Business
- Reuters
Dollar holds losses after Trump announces Japan trade deal, yen wobbles
TOKYO, July 23 (Reuters) - The dollar struggled on Wednesday, while the yen was choppy after U.S. President Donald Trump announced a trade deal with Japan, bolstering optimism for more agreements ahead of an impending tariff deadline. The U.S. currency has been one of the biggest losers since Trump announced sweeping tariffs on trading partners on April 2, only to delay and suspend most of the duties as his administration sought bilateral trade deals. The yen hit its strongest level since July 11 at 146.20 per dollar on the trade news but flipped to losses after a report that Japanese Prime Minister Shigeru Ishiba intends to step down next month. It last fetched 146.92. In a post on Truth Social, Trump said that a tariff rate of 15% was set on imports from Japan, down from the 25% rate that was expected to take effect from August 1, and added the Asian nation will invest $550 billion in the United States. "Dollar softness seems to be our opening proposition," said Michael McCarthy, Market Strategist at Moomoo Australia. "Clearly, there's some dovishness infecting the market at the moment around the U.S. dollar and we're seeing that in the bond markets too." The dollar index , which tracks the greenback against major peers, was at 97.48 after a three-day decline, hovering near its lowest level since July 10. The gauge has lost 6.6% since Trump's "Liberation Day" tariff announcement on April 2. U.S. Treasury Secretary Scott Bessent said on Monday the administration is more concerned with the quality of trade agreements than the timing. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said Trump would make that decision. Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs. Japan's all-important auto industry and rice imports were sticking points in protracted trade talks with the U.S. In his post on Truth Social, Trump said Japan would open to trade for U.S. cars, trucks, rice and certain agricultural products, among other items. Ishiba told reporters in Tokyo that the deal would set a 15% tariff on imports of Japanese vehicles. Ishiba, whose ruling coalition lost its majority in upper house elections on Sunday, will announce his resignation by the end of next month, Japanese media reported on Wednesday. The trade deal with Japan could pave the way for more deals, including with Europe. Trump said negotiators from the European Union would be in Washington on Wednesday. The news boosted the Australian and New Zealand dollars, although sentiment remained cautious. The Aussie firmed 0.19% to $0.6568, while the kiwi gained 0.25% to $0.60175. Sterling was little changed at $1.3527 . The euro stood at $1.1737 , down 0.15% but still near a four-year high it touched at the start of the month. The single currency has surged over 13% this year as investors looked for alternatives to U.S. assets. The European Central Bank is expected to hold rates steady on Thursday after eight consecutive rate cuts, with the prospect of steeper-than-expected U.S. tariffs looming. Also weighing on investors' minds were worries about Federal Reserve independence, given Trump has repeatedly railed against Chair Jerome Powell and urged him to resign because of the central bank's reluctance to cut interest rates. Bessent on Monday took a softer stance, saying there is no need for Powell to step down immediately, adding that he should see through the end of his term in May if he wants.
CNA
23-07-2025
- Business
- CNA
Dollar holds losses after Trump announces Japan trade deal, yen wobbles
TOKYO :The dollar struggled on Wednesday, while the yen was choppy after U.S. President Donald Trump announced a trade deal with Japan, bolstering optimism for more agreements ahead of an impending tariff deadline. The U.S. currency has been one of the biggest losers since Trump announced sweeping tariffs on trading partners on April 2, only to delay and suspend most of the duties as his administration sought bilateral trade deals. The yen hit its strongest level since July 11 at 146.20 per dollar on the trade news but flipped to losses after a report that Japanese Prime Minister Shigeru Ishiba intends to step down next month. It last fetched 146.92. In a post on Truth Social, Trump said that a tariff rate of 15 per cent was set on imports from Japan, down from the 25 per cent rate that was expected to take effect from August 1, and added the Asian nation will invest $550 billion in the United States. "Dollar softness seems to be our opening proposition," said Michael McCarthy, Market Strategist at Moomoo Australia. "Clearly, there's some dovishness infecting the market at the moment around the U.S. dollar and we're seeing that in the bond markets too." The dollar index, which tracks the greenback against major peers, was at 97.48 after a three-day decline, hovering near its lowest level since July 10. The gauge has lost 6.6 per cent since Trump's "Liberation Day" tariff announcement on April 2. U.S. Treasury Secretary Scott Bessent said on Monday the administration is more concerned with the quality of trade agreements than the timing. Asked whether the deadline could be extended for countries engaged in productive talks with Washington, Bessent said Trump would make that decision. Uncertainty over the eventual state of tariffs globally has been a huge overhang for the foreign exchange market, leaving currencies trading in a tight range for the most part, even as stocks on Wall Street have scaled fresh highs. Japan's all-important auto industry and rice imports were sticking points in protracted trade talks with the U.S. In his post on Truth Social, Trump said Japan would open to trade for U.S. cars, trucks, rice and certain agricultural products, among other items. Ishiba told reporters in Tokyo that the deal would set a 15 per cent tariff on imports of Japanese vehicles. Ishiba, whose ruling coalition lost its majority in upper house elections on Sunday, will announce his resignation by the end of next month, Japanese media reported on Wednesday. The trade deal with Japan could pave the way for more deals, including with Europe. Trump said negotiators from the European Union would be in Washington on Wednesday. The news boosted the Australian and New Zealand dollars, although sentiment remained cautious. The Aussie firmed 0.19 per cent to $0.6568, while the kiwi gained 0.25 per cent to $0.60175. Sterling was little changed at $1.3527. The euro stood at $1.1737 , down 0.15 per cent but still near a four-year high it touched at the start of the month. The single currency has surged over 13 per cent this year as investors looked for alternatives to U.S. assets. The European Central Bank is expected to hold rates steady on Thursday after eight consecutive rate cuts, with the prospect of steeper-than-expected U.S. tariffs looming. Also weighing on investors' minds were worries about Federal Reserve independence, given Trump has repeatedly railed against Chair Jerome Powell and urged him to resign because of the central bank's reluctance to cut interest rates. Bessent on Monday took a softer stance, saying there is no need for Powell to step down immediately, adding that he should see through the end of his term in May if he wants.
Perth Now
21-07-2025
- Business
- Perth Now
Australian shares retreat from record levels
The local bourse has been unable to push further into record territory, with most sectors losing ground at the start of a busy week for markets. Near noon on Monday, the benchmark S&P/ASX200 index had given up three-quarters of Friday's gains, dropping 86.1 points, or 0.98 per cent, to 8,671.1, while the broader All Ordinaries was down 82.4 points, or 0.94 per cent, to 8,921.8. Investors' attention would be fully captured by stocks this week as US company reporting season hit full stride and a number of important Australian companies addressed shareholders, Moomoo market strategist Michael McCarthy said. It might be a hectic week for markets, he added, with a number of US Federal Reserve board members speaking publicly, the release of New Zealand inflation data as well as a gauge of Australian and US business activity known as the purchasing manager index. At midday, nine of the ASX's 11 sectors were in the red, with energy and materials up marginally. The financial sector was the biggest loser, dropping 1.8 per cent. ANZ had fallen 2.3 per cent, Westpac was down 3.1 per cent, CBA had retreated 2.0 per cent and NAB had fallen 2.2 per cent. But AMP was up 8.8 per cent to a five-month high of $1.67 after the financial services company said it had recorded its first quarter of positive cashflows into its superannuation business since the second quarter of 2017, when it was scrutinised by the financial services royal commission. "This reflects our continued efforts to build a compelling member proposition which is delivering outstanding investment returns, service and education," said CEO Alexis George. In the heavyweight mining sector, Rio Tinto was up 1.5 per cent, Fortescue had added 1.2 per cent and BHP had edged 0.1 per cent higher. South32 was up 3.6 per cent following its quarterly operating report. The Australian dollar was buying 65.04 US cents, from 65.02 US cents at 5pm on Friday.
Business Recorder
08-07-2025
- Business
- Business Recorder
Australian shares retreat ahead of rate cut; Trump tariff warnings stir unease
Australian shares slipped on Tuesday, dragged by energy and mining stocks, with investors retreating to the sidelines ahead of the central bank's expected interest rate cut later in the day. The S&P/ASX 200 index fell 0.3% to 8,565.3, as of 0029 GMT. The benchmark fell after hovering near the 8,600 mark since July 2 till the previous session, as traders focused on the looming tariff showdown. US President Donald Trump issued the first in a series of tariff warning letters, saying that the reciprocal levies will take effect from August 1. Australia faces a 10% baseline tariff. Meanwhile, the Reserve Bank of Australia is set to announce its closely watched interest rate decision later in the day. The RBA is widely expected to deliver a 25-basis-point cut - its third since the first was announced at its February meeting. 'Anything different from a rate cut or a hawkish tone has the potential to generate increased volatility,' analysts at ANZ said. 'Overall, market volatility is expected to remain elevated this week, with US trade policy the dominant global concern,' analysts at trading platform Moomoo said. The mining sub-index shed 0.7%, tracking a fall in iron ore prices. Shares of the world's biggest listed miner BHP were down 2.3%, while Rio Tinto and Fortescue lost 2.2% and 1.8%, respectively. Energy stocks dropped 0.2% and rate-sensitive financial stocks declined 0.1%. Bucking the broader trend, gold stocks advanced by 2.7%. 'Investors are increasingly seeking refuge in safe-haven assets, with gold beginning to recover recent losses,' analysts at Moomoo said. Meanwhile, New Zealand's benchmark S&P/NZX 50 index fell 0.3% to 12,723.52. The Reserve Bank of New Zealand is due to announce its monetary policy stance on Wednesday, with economists in a Reuters poll pointing towards a hold from the central bank.
Yahoo
08-07-2025
- Business
- Yahoo
These two platforms are quietly rebuilding crypto's reputation
These two platforms are quietly rebuilding crypto's reputation originally appeared on TheStreet. As crypto grows up, it's not just about tokens and trading anymore. From the ashes of speculation-heavy platforms, a new class of fintech-minded players is emerging—designed not just for crypto natives, but for everyday users. And two companies at the forefront of this evolution are Moomoo and CoinCorner. Both take vastly different approaches. Moomoo is a mobile-first investing app born from traditional equities, while CoinCorner is a long-standing Bitcoin platform from the U.K. But they share a common mission: turning crypto into real financial infrastructure. With over 26 million users across eight global markets, Moomoo has made a name for itself as a commission-free stock trading app. But it's not stopping there. 'Moomoo offers a professional-level trading experience for everyday investors,' said Neil McDonald to TheStreet Roundtable, CEO of Moomoo USA. That experience is more than just access. The app equips users with institutional-grade features, including free level-2 market data (for accounts with a 30-day average balance of just $100), patented charting tools, options strategy builders, no-code algo trading, and backtesting—all for free. 'This active retail investment community exchanges trading ideas, market commentary and portfolios across the world every day,' McDonald added. It's a strategy that sets Moomoo apart from competitors in the free-trading app world, especially with its emphasis on user education and collaboration. Its built-in investor forum is designed to spark real-time discussions, much like a Reddit or X thread—but with verified data and analysis baked in. Security is another major focus. 'We have a comprehensive data privacy policy,' McDonald said. 'As a SEC/FINRA registered broker dealer, we are in full compliance with privacy laws and regulations.' While Moomoo is gamifying finance for mobile-first users, CoinCorner is quietly building an old-school bridge between crypto and traditional money. Founded in 2014, CoinCorner has gone from being a simple Bitcoin exchange to a full-service financial platform. The company now offers e-money accounts, Bitcoin-backed loans, and is rolling out interest and insurance products. 'Since launching CoinCorner in 2014, we have evolved from a simple Bitcoin exchange into a full-service Bitcoin platform focused on real-world use and everyday practicality,' said Molly Spiers, CMO at CoinCorner. Their message is clear: Bitcoin isn't just for trading—it should work like money. 'With over a decade of experience in the industry, we have earned a strong reputation for trust and reliability,' Spiers said. 'It shows we're here for the long haul, with a solid foundation built on regulatory compliance and customer confidence.' One of CoinCorner's biggest leaps has been the launch of e-money accounts—an attempt to integrate Bitcoin with day-to-day finance. 'Each client is issued an account in their own name, complete with a unique account number and sort code,' Spiers said. 'When moving money, they're simply making a transfer between two accounts that they own.' That removes a major friction point: bank delays. 'Our clients experience faster, more reliable transactions and greater control over their funds,' she added. This single change has turned CoinCorner into more than a crypto exchange—it's now a financial platform that feels familiar to people used to traditional banking. CoinCorner is also testing Bitcoin-backed loans with select users—letting holders unlock liquidity without having to sell. 'People appreciate the ability to access liquidity without having to sell their Bitcoin, especially in a market where long-term holding is a core strategy for many,' Spiers said. The idea taps into a growing demand among Bitcoiners who don't want to exit the market but still want cash flow. If these loans roll out widely, CoinCorner could become a go-to platform for Bitcoin-based financial planning. Another area where CoinCorner shines? Human support. 'Whether someone is new to Bitcoin or a more experienced user, our friendly and knowledgeable team are always ready to help,' said Spiers. It's a small detail, but one that matters in a market where trust and usability are often overlooked. The crypto industry is entering a new phase. Gone are the days of hype cycles powered only by token launches and price charts. What's emerging now is infrastructure—tools, services, and platforms that actually work. 'Moomoo and CoinCorner represent two ends of the same spectrum,' said a fintech analyst familiar with both platforms. 'One is onboarding retail investors into deeper financial tools, and the other is helping crypto holders use Bitcoin like a real currency.' And both are doing it without the usual fanfare. These two platforms are quietly rebuilding crypto's reputation first appeared on TheStreet on Jul 7, 2025 This story was originally reported by TheStreet on Jul 7, 2025, where it first appeared.
