EUROPEAN INFLATION: Eurozone HICP: Details from the ECOICOP2 Divisions

Speaking alongside Egyptian President Abdel Fattah El-Sisi at the G7 summit in France, US President Donald Trump says that the memorandum of understanding with Iran is "not final", and that "If I don't like what I see we will go back to shooting, to dropping bombs."

• The exact contents of the MoU (due to be formally signed on 19 June in Switzerland) remain subject to intense speculation. Bloomberg reported earlier that it had the 14-point document and published the text.
• However, Iran's semi-official Tasnim then reported that, according to a source close to Tehran's negotiating team, the text "is inaccurate and contains numerous deficiencies."
• Trump says the MoU does not include "immediate" sanctions relief, adding the two sides "will talk about this later."
• This would appear to correlate with the Bloomberg draft, which says in its seventh point that the US "commits to ending, on a schedule to be agreed upon as part of the final agreement, all types of sanctions currently facing the Islamic Republic of Iran, including resolutions of the United Nations Security Council and the Board of Governors of the International Atomic Energy Agency (IAEA), and all unilateral U.S. sanctions, both primary and secondary."
• Trump is due to speak at a presser as he departs the G7 summit at ~15:30CET (09:30ET, 14:30BST). 

The Netherlands will sell E1.0-2.0bln of the 3.50% Jan-56 DSL (ISIN: NL0015002P70) at its auction next Tuesday (23 June)

• On the commodity front, a bear theme in Gold remains intact and short-term gains appear corrective - for now. Last week’s bear extension reinforces the downtrend. The metal pierced a key M/T support at $4099.2, the Mar 23 low. A clear break of this level would highlight an important bearish development and open $4000.0 and below. Initial firm resistance is $4385.0, the 20-day EMA. Resistance at the 50-day EMA is at $4524.0.
• A short-term bearish theme in WTI futures remains intact and a fresh cycle low on Tuesday reinforces the bear theme. The contract has traded through a key support at $77.22, the Apr 17 low. This strengthens bearish conditions and signals scope for an extension towards the $70.00 handle. Initial firm resistance is at $89.25, the 50-day EMA.