TURKEY: CBRT Expect Monthly Core Goods Inflation to Lose Pace in June

• The USDJPY is now testing Friday's high at 144.14, but better technical will still be seen at the 144.40/144.49 area, Thursday's high and the 20 day EMA respectively.
• The Yen is down 0.89% on the Day againt the Dollar, and the Greenback is in the green versus all the majors so far Today.

IMF UK Article 4 Concluding Statement Highlights (link)

• "An economic recovery is underway. Growth is projected at 1.2 percent in 2025 and will gain momentum next year, although weak productivity continues to weigh on medium-term growth prospects".
• "Risks to growth remain to the downside. Tighter-than-expected financial conditions, combined with rising precautionary saving by households, would hinder the rebound in private consumption and slow the recovery. Persistent global trade uncertainty could further weigh on UK growth, by weakening global economic activity, disrupting supply chains, and undermining private investment".
• "The authorities’ fiscal plans strike a good balance between supporting growth and safeguarding fiscal sustainability"..."Further refinements of the fiscal framework could help minimize the frequency of fiscal policy changes. In the longer term, the UK will face difficult choices to align spending with available resources, given ageing-related expenditure pressures".
  "The Bank of England (BoE) should continue to ease monetary policy gradually, while remaining flexible in light of elevated uncertainty. Calibrating the monetary policy stance has become more complex, given the recent pickup in inflation, still fragile growth, and higher long-term interest rates."

King Charles III will deliver the Speech from the Throne, officially opening parliament and outlining the gov'ts legislative programme for the upcoming session, at 11:00ET (16:00BST, 17:00CET). While setting out the policy priorities for Prime Minister Mark Carney's minority Liberal party administration, the tone and text of the speech will also be closely scrutinised amid the sharp deterioration in US-Canadian relations in recent months. 

• The King, in Canada for a short visit, will be the first reigning monarch to deliver the Speech from the Throne in person since his mother, the late Queen Elizabeth II, did so in 1977. The fact that the King accepted Carney's invitation to read the speech has been viewed as an implicit rebuke to US President Donald Trump regarding his inflammatory comments regarding Canadian sovereignty.
• In terms of policy impact, Politico notes that observers will "parse every pledge, comparing phrasing and level of urgency to the Liberal campaign platform and last week's mandate letter."
• The mandate letter offered a brief list of seven priorities: establishing a new economic and security relationship with the US while diversifying trade; removing barriers to interprovincial trade; tackling inflation, making housing more affordable; strengthening the armed forces and law enforcement; attracting talent while restoring 'sustainable' immigration; and spending less on gov't operations.
• In an interview with MNI former deputy leader of the opposition Conservatives, Lisa Raitt, highlighted that Carney's perceived 'pragmatism' on policy could see his minority administration last longer than most others (see 'MNI INTERVIEW: Carney Minority Govt To Last On Economy').