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After Pres. Trump. A 25% tariff on all Japanese products sent to the US separate from all Sectoral tariffs, the USD has moved higher. yield are higher and stocks are lower. The new tariffs will go into effect on August 1.

• USDJPY has moved to a new session highs as it continues its trend day to the upside. The price is within a swing area between 145.919 and 146.288. The high price just reached 146.08.
• EURUSD: The EURUSD has moved to new lows for the day and in the process moved below the swing low from earlier today at 1.1716 which was also the swing low from last Thursday’s trade. Getting below that level opens the door for key support between 1.1663 and 1.1691. That area was home to swing lows and swing highs going back to 2021, before moving sharply to the downside.

Looking at the US debt market, yields have moved higher:

• 2-year yield 3.888%, +0.6 basis points
• 5 year yield 3.956%, +2.3 basis points.
• 10 year yield 4.385%, +4.5 basis points
• 30 year yield 4.922%, +6.6 basis points.

Looking at the major US indices:

• Dow is down -464.0-1.04% at 44363
• S&P is down -50.58 points or -0.81% at 6227.91
• NASDAQ index minus 172.60.0 -0.84% at 20428

The small-cap Russell 2000 is the hardest hit today with a decline of -31.44 points or -1.40% at 2217.52.

The tariff decision does come with a small “kick the can down the road” to August 1. At least it buys more time for a deal versus the July 9 deadline. Needless to say, it should once again lead to negotiations.

The USDCHF is now trading to a new high for the day too. Looking at the hourly chart, the price has also moved above the high from last Thursday at 0.7986. The 38.2% retracement of the move down from the June 19 high comes in at 0.8002.

This article was written by Greg Michalowski at www.forexlive.com.

The Stanford Graduate School of Business has included a case study on Freedom Holding Corp., a financial services company founded by entrepreneur Timur Turlov, in its academic curriculum. This marks the first case of its kind from Central Asia to be studied at one of the world’s leading universities.

The case, titled “Freedom Holding: Building an Ecosystem as a Path to Scale,” explores the transformation of a small brokerage firm into a digital ecosystem that today unites finance, insurance, payment solutions, telecommunications, and everyday online services. The company’s central platform, the Freedom SuperApp, allows users to manage both their finances and daily lives in a single digital space.

“If you don’t give the customer everything in one place, they’ll go somewhere more convenient. We weren’t just building a product — we were building an environment where people enjoy living,” said Timur Turlov, CEO of Freedom Holding. The story of Freedom Holding is not just a success story — it’s described as “a guide to survival and scaling in times of uncertainty.”

Key themes explored in the study include:

• Leading in the absence of formal rules

• Building infrastructure from scratch

• Growth through service integration

• Strategic balance between competition and cooperation

• The role of mission and values in strategic decision-making

Today, Freedom Holding is considering multiple paths for future development — from strengthening its position in Kazakhstan to entering new markets in the Middle East, Southeast Asia, and Africa.

The case was developed jointly by Stanford faculty and representatives of Freedom Holding, and is already being used in Stanford’s course on platform strategy and digital transformation in emerging markets.

“This is a moment of pride not only for our team, but for the entire region. We’ve proven that big ideas can be born outside of New York and London — in places like Almaty or Astana,” Turlov said.

About Freedom Holding Corp.

Freedom Holding Corp. is an international financial and technology group listed on the Nasdaq (ticker: FRHC). The company offers investment, banking, insurance, and digital services through its integrated platform, Freedom SuperApp. The group operates in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC).

This article was written by FL Contributors at www.forexlive.com.

The White House sent a firm letter to Japan’s Prime Minister on July 7, 2025, citing deep concerns over the long-standing trade imbalance, and will impose a 25% tariff on all goods imported into the US.

• The U.S. values its trading relationship with Japan but is concerned about the significant trade deficit.

• The U.S. has decided to move forward with Japan on the basis of more balanced and fair trade.

• Starting August 1, 2025, the U.S. will impose a 25% tariff on all Japanese products entering the U.S., separate from existing sectoral tariffs.

• Products routed through third countries to avoid tariffs will still be subject to the higher tariff.

• The 25% tariff is described as modest compared to the trade imbalance the U.S. seeks to correct.

• No tariffs will apply to Japanese companies that manufacture within the United States.

• The U.S. will support fast-track approvals for such domestic investments.

• If Japan increases its tariffs in response, additional U.S. tariffs will be applied on top of the 25%.

• The letter accuses Japan of many years of non-reciprocal tariff and non-tariff barriers, contributing to an unsustainable trade deficit.

• The U.S. views this deficit as a threat to the economy and national security.

• The U.S. expresses willingness to adjust tariffs (up or down) based on Japan’s openness to U.S. markets.

• Ends with an invitation to work as long-term trade partners, but emphasizes that Japan must act to eliminate barriers for any adjustments to be made.

The price of major indices has moved lower with the S&P now down -0.89%. The Nasdaq has moved lower as well with the price low reaching 6215.25. The price is now at 6228 or -0.81%. A similar letter was sent to So. Korea.

The USDJPY continues it’s run to the upside reaching a new high 146.008. That takes the price into the swing area between 145.92 and 146.288 (see yellow area chart below).

Below is the letter to Japan.

This article was written by Greg Michalowski at www.forexlive.com.

The EURUSD reached its highest level since September 2021 last week, peaking at 1.18266. However, attempts to extend beyond that high faded, with momentum stalling on Thursday near Tuesday’s peak (see green circles). That shift in tone turned buyers into sellers, pushing the pair below the 100-hour moving average and down to a low of 1.1718.

A modest rebound followed, with the price testing the 100-hour MA on Friday and again early today. Both times, sellers leaned against the level. The pair has since moved back below the 200-hour MA, currently at 1.1744. Notably, though, sellers have yet to break the Thursday low at 1.1718, which remains a short-term support.

The price has bounced back toward the 200-hour MA, where sellers have again stalled the upside. As long as the pair stays below this level, the bearish bias holds. A break below 1.1718 would open the door for a move toward the 1.1663–1.1691 area—an important zone of prior support and resistance dating back to 2021 (see daily chart below). A move below that zone could signal stronger downside momentum ahead and give sellers more confidence..

This article was written by Greg Michalowski at www.forexlive.com.