EU: BBG-Commission Proposed Long-Term Budget Near EUR2 Trillion

The Chicago Fed's Advance Retail Trade Summary (CARTS)'s final release for May out this morning projects that retail & food services sales excluding motor vehicles & parts (ex. auto) rose 0.3% M/M (SA) in the month. 

• While CARTS's ability to forecast previous months has been mixed, their May estimate is in line with analyst consensus for Census Bureau ex-auto retail sales to rise 0.2% in May (after 0.1% in April) in Tuesday's print.
• CARTS estimates ex-auto retail sales rose even faster when adjusted for inflation: 0.4% (the price level for this basket dipped very slightly in May vs April).
• We'll publish a wider preview of Tuesday's retail sales release later today.

• A purely Dollar led move in FX, with broader offers emerging against the Greenback.
• US Equities and Yields have not moved, but it is a fresh intraday low for the USD against the AUD, EUR, GBP, JPY, CAD, SGD, and CZK.
• Next immediate resistance for Cable, comes at 1.3624 High Jun 12.

• Sales +3.6% MOM in May driven by Toronto, Calgary and Ottawa.
• Sales -4.3% YOY, Canadian Real Estate Association says Monday.
• Average resale price -1.8% YOY. Price index -3.5% YOY and -0.2% MOM.
• "Maybe the expected turnaround in housing activity this year was just delayed for a few months by the initial tariff chaos,"  said Shaun Cathcart, CREA’s Senior Economist.
• BOC cut rates seven times between last June and March, which some analysts said could boost sales. High prices have also been cited as a barrier to first-time buyers.