📊 Morning Market Update | 21.07.2025 🌏 🇯🇵 The Japanese yen firmed up in early trading after PM Ishiba’s coalition lost its majority in the upper house elections. Though the defeat was expected, Ishiba vowed to stay in office. With both chambers now controlled by the opposition, Japan enters a phase of political gridlock. 📉 Still, the yen's rally against the dollar quickly stalled due to low market liquidity – the Tokyo Stock Exchange is closed today for a bank holiday. 🇳🇿 In New Zealand, inflation cooled slightly: 2.8% y/y vs. 2.9% previously. Core inflation fell to 3.7%, boosting bets on a rate cut in August. The NZD weakened accordingly. 💱 🇨🇳 As widely expected, the PBoC kept key rates unchanged: – 1-year LPR: 3.00% – 5-year LPR: 3.50% 🇺🇸 US stock futures are flat, while JP225 contracts saw mild gains following Japan’s vote. 🇪🇺 EU leaders will meet this week to finalise a retaliation plan if trade talks with the US break down, reports Bloomberg. 🪙 Gold continues to shine – up 0.56% this morning, heading towards last week’s highs. Precious metals are leading early-week gains. ✨ 📌 Today’s spotlight: Polish labour market data 🇵🇱 and Canadian industrial prices 🇨🇦. 📈 Start your week with NordFX – where global markets meet opportunity!