MNI EUROPEAN OPEN: Canada To End Digital Tax

Jun-30 05:21By: Jonathan Cavenagh

Europe

EXECUTIVE SUMMARY

US SENATE PUSHES AHEAD ON TRUMP TAX CUTS AS NONPARTISAN ANALYSIS RAISES PRICE TAG - RTRS
BIS SAYS PREPARE FOR TARIFF CPI CLAMPDOWN, AVOID GUIDANCE - MNI
CANADA SEES US TRADE DEAL IN WEEKS, ENDS DIGITAL TAX - MNI BRIEF
JAPAN MAY FACTORY OUTPUT HITS 1ST RISE IN 2 MONTHS - MNI BRIEF
CHINA JUN MANUFACTURING PMI RISES WITHIN CONTRACTION - MNI BRIEF

Fig 1: China Manufacturing PMI Edges Up, But Still Sub 50.0

POLITICS (BBG): "Keir Starmer is working to contain the rebellion in his Labour Party ahead of a vote Tuesday on his flagship welfare policy that’s provoked widespread criticism and called his leadership into doubt."

FRANCE (BBG): “French finance minister Eric Lombard said the European Union can clinch some form of a trade agreement with the US before a July 9 deadline, when Washington is set to impose a 50% tariff on nearly all EU products.”

RUSSIA (BBG): “Russia is taking another crack at expanding exports of liquefied natural gas after US sanctions stalled efforts last year.”

UKRAINE (RTRS): “A Ukrainian F-16 fighter pilot died in a crash while repelling a Russian air attack that involved hundreds of drones, cruise and ballistic missiles, authorities said on Sunday, as Moscow intensifies night-time air barrages in the fourth year of war.”

FED (MNI BRIEF): Treasury Secretary Scott Bessent on Friday said one potential timeline for the announcement of a new Fed chair could come in October or November, playing down speculation that President Donald Trump may consider an earlier move to nominate a successor to Federal Reserve Chair Jerome Powell.

FISCAL (RTRS): “ Senate Republicans pushed forward President Donald Trump's sweeping tax cut and spending bill on Sunday in a marathon weekend session even as a nonpartisan forecaster said it would add an estimated $3.3 trillion to the nation's debt over a decade”.

OTHER

GLOBAL (MNI): Central bank leaders must be prepared to aggressively tighten monetary policy if the U.S.-led trade war boosts inflation, and protect credibility damaged during the Covid price jump by avoiding forward guidance, the BIS annual report said Sunday.

CANADA (MNI BRIEF): Canadian Prime Minister Mark Carney said Sunday a trade deal with the U.S. is back on track for next month after his country scrapped a digital sales tax, a move coming two days after President Donald Trump broke off talks over the levy.

JAPAN (MNI BRIEF): Japan’s industrial output rose 0.5% m/m in May, the first increase in two months, after a 1.1% decline in April, driven by higher automobile production, data from the Ministry of Economy, Trade and Industry showed Monday.

JAPAN (BBG): "US President Donald Trump floated the idea of keeping 25% tariffs on Japan’s cars as talks between the two nations continued with little more than a week to go before a slew of higher duties are set to kick in if a trade deal isn’t reached."

AUSTRALIA (BBG): “ Australia cut its forecast earnings from commodity exports, as a meteoric rise in gold prices fails to offset weakness in iron ore and natural gas.”

CHILE (BBG): “Chile communist Jeannette Jara won the primary vote among left-wing presidential candidates after mounting a last-minute surge, trouncing other contenders including a moderate politician who was the early favorite.”

CHINA

CHINA (MANUFACTURING): China's Manufacturing Purchasing Managers Index rose by 0.2 points to 49.7 in June, but remained below the breakeven 50 mark for the third month, data from the National Bureau of Statistics showed Monday.

FISCAL (CSJ): "China could sell more ultra-long special sovereign bonds in the second half of this year in addition to what was planned in the annual budget if needed, the China Securities Journal reports Monday, citing analysts."

POLICY RATES (SECURITIES DAILY): " China’s central bank has adjusted its stance on policy fine-tuning, indicating that interest rate and banks’ reserve requirement ratio cuts are less pressing due to the economy’s solid momentum, the Securities Daily reports Monday, citing Wang Qing, chief macro analyst at Golden Credit."

MNI: PBOC Net Injects CNY111 Bln via OMO Monday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY331.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY111 billion after offsetting the maturity of CNY220.5 reverse repo today, according to Wind Information.

The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4000% at 09:29 am local time from the close of 1.6968% on Friday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 50 on Friday, the same as the close on Thursday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Lower At 7.1586 Mon; +1.41% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1586 on Monday, compared with 7.1627 set on Friday. The fixing was estimated at 7.1704 by Bloomberg survey today.

MNI: China CFETS Yuan Index Down 0.56% In Week of Jun 27

The CFETS Weekly RMB Index was 95.36 on Jun 27, down 0.56% compared with 95.92 as of Jun 20.

MARKET DATA

NEW ZEALAND MAY FILLED JOBS M/M 0.1%; PRIOR -0.3%
NEW ZEALAND JUNE ANZ ACTIVITY OUTLOOK 40.9; PRIOR 34.8
NEW ZEALAND JUNE ANZ BUSINESS CONFIDENCE 46.3; PRIOR 36.6

AUSTRALIA JUNE MELBOURNE INSTITUTE INFLATION M/M 0.1%; PRIOR -0.4%
AUSTRALIA JUNE MELBOURNE INSTITUTE INFLATION Y/Y 2.4%; PRIOR 2.6%
AUSTRALIA MAY PRIVATE SECTOR CREDIT M/M 0.5%; PRIOR 0.7%

JAPAN MAY P INDUSTRIAL PRODUCTION M/M 0.5%; MEDIAN 3.5%; PRIOR -1.1%
JAPAN MAY P INDUSTRIAL PRODUCTION Y/Y -1.8%; MEDIAN 1.6%; PRIOR 0.5%
JAPAN MAY HOUSING STARTS Y/Y -34.4%; PRIOR -26.6%

CHINA JUNE MANUFACTURING PMI 49.7; MEDIAN 49.6; PRIOR 49.5
CHINA JUNE NON-MANUFACTURING PMI 50.5; MEDIAN 50.3; PRIOR 50.3
CHINA JUNE COMPOSITE PMI 50.7; PRIOR 50.4

SOUTH KOREA MAY INDUSTRIAL PRODUCTION M/M -2.9%; MEDIAN 0.5%; PRIOR -0.6%
SOUTH KOREA MAY INDUSTRIAL PRODUCTION Y/Y 0.2%; MEDIAN 3.0%; PRIOR 5.1%
SOUTH KOREA MAY CYCLICAL LEADING INDEX CHANGE -0.1; PRIOR 0.4

MARKETS

US TSYS: Asia Wrap - Long-End Yields Edge Higher

The TYU5 range has been 111-22 to 111-27 during the Asia-Pacific session. It last changed hands at 111-24, down 0-02 from the previous close.

The US 2-year yield is almost unchanged trading around 3.748%.
The US 10-year yield has edged higher trading around 4.287%, up 0.01 from its close.
Block Sell FVU5: SELL 3463 of FVU5 traded at 108-27 1/4, post-time 12:44:04 AEST (DV01 $150,988). The contract is currently trading at 108-27+, -0-00 1/4 from closing levels.
The 10-year yield has accelerated through its support, this should clear the way for a move lower with the 4.10% area the first target. 10-year yields should now find demand on any bounce back to the 4.35/40% area.
(Bloomberg) - “In the week ended June 24, positioning data showed a heavy amount of short covering from hedge funds in US 10-year note futures, according to latest CFTC data. Elsewhere, asset managers liquidated net longs in 10-year note futures, while adding to duration long in ultra 10-year note futures.”
(Bloomberg) - “Trump’s $4.5 trillion tax-cut bill now shifts to the Senate, where a final vote is expected to spill into Monday. The Senate version would add $3.3 trillion to US deficits over a decade, the Congressional Budget Office estimated.”
Data/Events: MNI Chicago PMI, Dallas Fed Man. Activity

JGBS: Cheaper, Trump Criticises US-JN Auto Trading, 10Y Supply Tomorrow

JGB futures are weaker, -13compared to settlement levels, but off worst levels.

“The 25% sectoral tariff on automobiles remains a sticking point in US-Japan trade talks, but its impact on growth may be less severe than feared due to a weak yen. Japanese car export prices to North America have fallen 17.7% in dollar terms, likely due to manufacturers absorbing the tariff cost to stay competitive, but export prices in yen terms remain comparable to early 2022.” (BBG)
The Real Fly on X: "Trump criticised the U.S.-Japan auto-trade relationship as unfair, referring to Japan's negotiator as "MR. Japan," and warned of possible new tariffs ahead of the looming July 9 deadline."
Cash US tsys are slightly mixed, with a steepening bias, in today's Asia-Pac session after Friday's modest losses. The market awaits speeches from Fed officials and developments in President Donald Trump's $4.5 trillion tax-cut bill.
Cash JGBs are flat to 3bps cheaper across benchmarks, with the 20-year underperforming. The benchmark 10-year yield is 0.2bp higher at 1.440% ahead of tomorrow's supply.
Swap rates are 1-2bps higher.
Tomorrow, the local calendar will see Tankan Index, S&P Global PMI Mfg and Consumer Confidence Index data alongside 10-year supply.

AUSSIE BONDS: Cheaper As Markets Await US Tax Bill Developments

ACGBs (YM -4.0 & XM -4.5) are weaker after a subdued session of trading. Ranges have been relatively narrow.

The China Official PMIs followed the familiar theme of recent releases, with the PMI manufacturing in mild contraction and the PMI non-manufacturing barely holding in expansion.
Cash US tsys are slightly mixed, with a steepening bias, in today's Asia-Pac session after Friday's modest losses. The market awaits speeches from Fed officials and developments in President Donald Trump’s $4.5 trillion tax-cut bill.
Cash ACGBs are 3-4bps cheaper with the AU-US 10-year yield differential at -12bps.
The bills strip is -2 to -3 across contracts.
RBA-dated OIS pricing is little changed across meetings today. A 25bp rate cut in July is given a 94% probability, with a cumulative 81bps of easing priced by year-end (based on an effective cash rate of 3.84%).
Tomorrow, the local calendar will see Cotality Home Value and S&P Global PMI Mfg data.
This week, the AOFM plans to sell A$1200mn of the 2.75% 21 June 2035 bond on Wednesday and A$1000mn of the 2.25% 21 May 2028 bond on Friday.

BONDS: NZGBS: Closed Moderately Cheaper, Subdued Session Of Trading

NZGBs closed 2bps cheaper across benchmarks after a subdued session of trading.

The ANZ business activity and confidence measures rose in June. On activity, we moved back to 40.9, from 34.8 in May, while confidence rebounded to 46.3, from 36.6 prior. The improvement in June follows a move lower in these headline indices since the end of Q1. We remain off cyclical highs for both measures, activity reached 50.3 in Dec last year, while confidence was at 65.7 in October last year. The Q2 averages for both activity and confidence were below the Q1 outcomes.
ANZ noted: “In terms of what firms are actually experiencing, there’s been a bit of a slump recently in both activity and employment." (via BBG).
Swap rates closed 1-3bps higher, with the 2s10s curve steeper.
RBNZ dated OIS pricing closed slightly firmer across meetings. 4bps of easing is priced for July, with a cumulative 32bps by November 2025.
Tomorrow, the local calendar will see the NZIER Business Opinion Survey.
On Thursday, the NZ Treasury plans to sell NZ$225mn of the 4.50% May-30 bond, NZ$175mn of the 2.75% Apr-37 bond and NZ$50mn of the 2.75% May-51 bond.

FOREX: Asia FX Wrap - The USD Back Under Pressure

The BBDXY has had a range of 1192.42 - 1197.35 in the Asia-Pac session, it is currently trading around 1194. The USD opened under pressure and gave back most of the gains it made on Friday after Canada rescinded its digital services tax. CHINA Official PMIs for June: The Official PMIs followed the familiar theme of recent releases with the PMI manufacturing in mild contraction and the PMI non-manufacturing barely holding in expansion.

EUR/USD - Asian range 1.1712 - 1.1739, Asia is currently trading 1.1720. While the USD remains on the back foot the EUR will continue to be supported, first support is back towards 1.1500. This move seems to be accelerating and will now be looking towards 1.2000 and beyond.
GBP/USD - Asian range 1.3705 - 1.3730, Asia is currently dealing around 1.3715.This move higher now looks to have broken convincingly higher and with the USD looking like it is set for another leg lower Cable could potentially now target levels back towards 1.4200.
USD/CNH - Asian range 7.1599 - 7.1706, the USD/CNY fix printed 7.1586. Asia is currently dealing around 7.1635. Sellers should be around on bounces while price holds below the 7.2500 area and the PBOC manages the fix lower.
Cross asset : SPX +0.42%, Gold $3280, US 10-Year 4.285%, BBDXY 1193, Crude oil $65.20
Data/Events : Ger Retail Sales & CPI, Spain Current Account Balance, Italy Deficit to GDP YTD & CPI, EZ M3 Money Supply

Fig 1: GBP/USD Spot Weekly Chart

Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia Wrap - USD/JPY Comes Off, Testing 144.00

The Asia-Pac USD/JPY range has been 144.08 - 144.76, Asia is currently trading around 144.09, -0.40%. USD/JPY has drifted lower in our session, though still in the middle of its wider 142.00 - 148.00 range. "US President Donald Trump characterized trade in cars between the US and Japan as unfair and floated the idea of keeping 25% tariffs on autos in place." (BBG)

The Real Fly on X: "Trump criticized the U.S.–Japan auto-trade relationship as unfair, referring to Japan’s negotiator as “MR. Japan,” and warned of possible new tariffs ahead of the looming JULY 9 deadline.” https://x.com/The_Real_Fly/status/1939488012741521660
(Bloomberg) -- Japan's industrial production rose less than expected in May, missing analysts' estimates as the US tariffs hit the nation's exports. Factory output increased 0.5% from the previous month, the Industry Ministry reported Monday. Economists had expected a 3.5% gain. Output fell 1.8% from a year earlier, missing expectations of a 1.6% rise.
CFTC data shows Asset managers paring back their JPY longs very slightly +93003, while leveraged funds added to their longs again trying to rebuild their position +15935.
The rejection of 148.00 points to a potential top being in place now and shows just how quick the market is to return to selling USD’s. USD/JPY is looking for a fresh catalyst in the middle of its 142.00 - 148.00 range, while the USD continues to move lower this should see sellers on any bounce for now.
Options : Close significant option expiries for NY cut, based on DTCC data: 143.85($985m), 145.50(845m).Upcoming Close Strikes : 143.85($885m June 30), 145.00($1.02b July 1)
Fig 1 : USD/JPY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P

AUD: Asia Wrap - AUD struggling To Bounce

The AUD/USD has had a range of 0.6527 - 0.6543 in the Asia- Pac session, it is currently trading around 0.6535, +0.08%. A tight range in a very quiet Asian session, US Equity futures have opened strongly in Asia printing new all-time highs, ESU5 +0.4%, NQU5 +0.5% after Canada rescinds its digital services tax. The AUD has surprisingly had very little reaction to this as it still looks for a catalyst to probe above the 0.6550/0.6600 resistance. CFTC Data shows Asset managers increasing their shorts -36967, the Leveraged community has also added to their shorts -22963. Given how poorly the USD is trading one would expect most of these shorts are being expressed in the crosses where the AUD trades poorly particularly against the EUR and GBP.

Private credit rose 0.5% m/m (estimate +0.6%) in May versus +0.7% in April.
Melbourne Institute inflation index rose 0.1% m/m in June versus -0.4% in May. Inflation index rose 2.4% y/y versus +2.6% in May.
(Dow Jones) “Recent turmoil in global financial markets is fueling overseas demand for New South Wales state government bonds, despite concern about a rise in public-sector debt levels in Australia.”
The AUD/USD is attempting to break through the top of its recent range as the pressure on the USD increases.
The AUD needs a sustained break above 0.6550/0.6600 to potentially start building momentum for an extended move higher, a close back above 0.6600 and the focus would turn back to 0.6900/0.7000.
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6425(AUD836m). Upcoming Close Strikes : 0.67500(AUD1.27b July 2), 0.6600(AUD907m July3).
AUD/JPY - Today's range 94.15 - 94.54, it is trading currently around 94.25. Choppy price action as the pair establishes a range between 92.00 - 96.00. Should risk build on this move, focus could turn back to the 96.00 area.

Fig 1: AUD CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P

NZD: Asia Wrap - NZD/USD Looking Towards 0.6100 And Then Beyond

The NZD/USD had a range of 0.6052 - 0.6078 in the Asia-Pac session, going into the London open trading around 0.6070, +0.23%. NZD has drifted back to its highs albeit in a very quiet Asian session. US Equity futures have opened strongly in Asia printing new all-time highs, ESU5 +0.4%, NQU5 +0.5% after Canada rescinds its digital services tax.

CFTC Data shows Asset Managers have cut their shorts and are now beginning to build a long in NZD +12195, the Leveraged community maintained their short that had just been added to -11981.
NEW ZEALAND Business Activity & Confidence Up, But Still Off Cycle Highs: The New Zealand ANZ business activity and confidence measures rose in June. On activity we moved back to 40.9, from 34.8 in May, while confidence rebounded to 46.3, from 36.6 prior. The improvement in June follows a move lower in these headline indices since the end of Q1.
A huge bounce from sub 0.5900 and the NZD has now established a foothold above 0.6000, with the USD breaking lower the NZD/USD looks to be building for a potential break higher of its own. A clear break of 0.6100 could provide the momentum to begin a larger move higher, initially targeting the 0.6400 area.
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5850(NZD404m July 1), 0.5800(649m July2)
AUD/NZD range for the session has been 1.0764 - 1.0799, currently trading 1.0770. The cross is struggling to get any momentum for now. It looks to be in a 1.0750 - 1.0850 range for now as it awaits a catalyst to provide some clearer direction.

Fig 1: NZD CFTC Data

Source: MNI - Market News/Bloomberg Finance L.P

ASIA STOCKS: June Delivers Strong Returns Across the Region.

As the June comes to a close, major bourses have delivered good returns in June, despite the trade war and Iran-Israel conflict. China's major bourses enjoyed gains of 2-5% as Taiwan and the KOSPI were the biggest winners for the major bourses. News filtered through over the weekend that top negotiators from Japan and India have remained in Washington for further talks on trade deals, signs the market has taken as positive following the S&P closing at a record on Friday.

The Hang Seng was one of the few decliners, down -0.42% today yet remains up +3.8% for June. The CSI300 is flat today and up +2.1% for the month whilst Shanghai Comp gained +0.20% and is up +2.50% for the month. The Shenzhen Comp was the best performer of the major bourses up +0.73% and up +5.10% for the month.
The TAIEX in Taiwan fell -0.6% today but remains over +14% higher over the month as record inflows continued and the currency surges.
The KOSPI gained +0.96% today and since the election (and promised new budget) has performed strongly delivering +14.3% in June.
The FTSE Malay KLCI is flat today and up +1.30% for the month.
The Jakarta Composite is up +0.26% today and one of the few fallers for the month, losing ground by -3.2%
The FSTE Straits Times in Singapore is flat and up +1.80% for the month and the PSEi in the Philippines is up +0.40% and +1.46% for June.
The NIFTY 50 is having a weak start to Monday down -0.35% yet remains up +3.3% for the month.

Oil Steadies Into Month End

WTI finished last week down -12.56% and Brent down -12.00% but has steadied today with modest rises.
WTI is up +0.23% at US$65.21 bbl, having opened at $65.15.
Brent is up +0.39% at $67.63 having opened at $67.33.
The move lower last week for WTI sees it trade below all major moving averages with the nearest being the 50-day EMA at US$65.55
BBG reports that Money managers boosted short-only bets on the WTI global benchmark by 35,743 lots to 114,848 lots, the biggest gain since last June, in the week ended June 24, according to figures from ICE Futures Europe.
OPEC+ are again looking at options for further increases in supply according to reports over the weekend. Eight key OPEC+ nations have agreed on 411,000 barrel-a-day increases in each of the previous three months, and several delegates are ready to consider the same hike again for August.
President Trump has hinted at sanctions relief for Iran if 'they can be peaceful' and US Energy Secretary Wright suggested the US administration is looking to spread 'commerce not conflict.'

Gold Set for Worst Month of 2025

Gold edged modestly higher in the Asia trading day, gaining +0.15% to US$3,279.45.
The gains weren't enough to extinguish the losses for the month and bullion remains down -0.30% for June and facing its first monthly loss of 2025.
Gold traders will eye closely the US data this week for further indications for interest rates as the input into gold's next move.
Gold has traded below the 50-day EMA of $3,289.72. The first times this year bullion has fallen below the 50-day EMA.
China's biggest gold and copper producer Zijin Mining Group is to buy a gold project in Kazakhstan for US$1.2bn.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
30/06/2025	0600/0800	**	SE	Retail Sales
30/06/2025	0600/0800	**	DE	Import/Export Prices
30/06/2025	0600/0800	**	DE	Retail Sales
30/06/2025	0600/0700	***	GB	GDP Second Estimate
30/06/2025	0600/0700	*	GB	Quarterly current account balance
30/06/2025	0700/0900	**	CH	KOF Economic Barometer
30/06/2025	0800/1000	**	EU	M3
30/06/2025	0800/1000	***	DE	Bavaria CPI
30/06/2025	0800/1000	***	DE	North Rhine Westphalia CPI
30/06/2025	0800/1000	***	DE	Baden Wuerttemberg CPI
30/06/2025	0830/0930	**	GB	BOE Lending to Individuals
30/06/2025	0830/0930	**	GB	BOE M4
30/06/2025	0830/1030		EU	ECB de Guindos At IADG Conference
30/06/2025	0900/1100	***	IT	HICP (p)
30/06/2025	1200/1400	***	DE	HICP (p)
30/06/2025	1342/0942	***	US	MNI Chicago PMI
30/06/2025	1400/1000		US	Atlanta Fed's Raphael Bostic - MNI Connect
30/06/2025	1430/1030	**	US	Dallas Fed manufacturing survey
30/06/2025	1530/1130	*	US	US Treasury Auction Result for 26 Week Bill
30/06/2025	1530/1130	*	US	US Treasury Auction Result for 13 Week Bill
30/06/2025	1600/1200	***	US	USDA Acreage - NASS
30/06/2025	1600/1200	**	US	USDA GrainStock - NASS
30/06/2025	1700/1300		US	Chicago Fed's Austan Goolsbee
30/06/2025	1900/2100		EU	ECB Lagarde Opening Remarks At Sintra Forum
01/07/2025	2300/0900	**	AU	S&P Global Manufacturing PMI (f)
01/07/2025	2301/0001	*	GB	BRC Monthly Shop Price Index
01/07/2025	2350/0850	***	JP	Tankan
01/07/2025	0030/0930	**	JP	S&P Global Final Japan Manufacturing PMI
01/07/2025	0145/0945	**	CN	S&P Global Final China Manufacturing PMI
01/07/2025	0630/0830	**	CH	Retail Sales
01/07/2025	0715/0915	**	ES	S&P Global Manufacturing PMI (f)
01/07/2025	0740/0940		EU	ECB de Guindos Chairs Sintra Panel
01/07/2025	0745/0945	**	IT	S&P Global Manufacturing PMI (f)
01/07/2025	0750/0950	**	FR	S&P Global Manufacturing PMI (f)
01/07/2025	0755/0955	**	DE	Unemployment
01/07/2025	0755/0955	**	DE	S&P Global Manufacturing PMI (f)
01/07/2025	0800/1000	**	EU	ECB Consumer Expectations Survey
01/07/2025	0800/1000	**	EU	S&P Global Manufacturing PMI (f)
01/07/2025	0830/0930	**	GB	S&P Global Manufacturing PMI (Final)
01/07/2025	0840/1040		EU	ECB Elderson Chairs Sintra Panel
01/07/2025	0900/1100	***	EU	HICP (p)
01/07/2025	1040/1240		EU	ECB Schnabel Chairs Sintra Panel
01/07/2025	-	***	US	Domestic-Made Vehicle Sales
01/07/2025	1255/0855	**	US	Redbook Retail Sales Index
01/07/2025	1330/1430		GB	BOE Bailey On Panel At Sintra Conference
01/07/2025	1330/0930		US	Fed Chair Jerome Powell
01/07/2025	1330/1530		EU	ECB Lagarde On Sintra Panel
01/07/2025	1345/0945	***	US	S&P Global Manufacturing Index (final)