MNI EUROPEAN OPEN: Gradual BoJ Hikes Still Intact - Ueda

EXECUTIVE SUMMARY

• TRUMP PRESSES RELUCTANT GOP SENATORS TO EMBRACE HOUSE TAX BILL - BBG 
• GRADUAL BOJ HIKES INTACT DESPITE UNCERTAINTY - UEDA - MNI BRIEF 
• BOJ TO REVIEW JGBS, CONSIDER MARKET VIEW - UEDA - MNI BRIEF 
• CAIXIN MAY MANUFACTURING PMI FALLS INTO CONTRACTION - MNI BRIEF 
• DOMESTIC ECONOMY DROVE 25BP CUT - RBA MINUTES - MNI BRIEF 

Fig 1: USD BBDXY Index Versus US Tsy 10yr Nominal Yield 

Source: MNI - Market News/Bloomberg/Refinitiv. 

UK

BOE (MNI BRIEF): It is not possible to simply offset the impact of quantitative tightening on financial conditions by cutting Bank Rate, Bank of England Monetary Policy Committee member Catherine Mann said.

DEFENCE (BBC): “The government will invest billions of pounds to move the UK to "war-fighting readiness" in the face of a new era of threats from nuclear powers like Russia and China, the defence secretary has said. The government has accepted all 62 recommendations set out in a long-awaited Strategic Defence Review (SDR).”

EU

UKRAINE/RUSSIA (BBC): “A second round of direct peace talks between Russia and Ukraine have ended without a major breakthrough, and only a deal to swap more prisoners of war. Ukrainian negotiators said Russia had again rejected an "unconditional ceasefire" - a key demand by Kyiv and its allies in Europe and the US.”

RUSSIA (BBG): “Ukraine’s drone strike deep inside Russian territory left Kremlin officials angry and alarmed over the sudden vulnerability of a nuclear-capable air fleet far from the battlefield, according to people close to senior officials in Moscow.” 

POLAND (POLITICO): “Polish Prime Minister Donald Tusk intends to call a parliamentary vote of confidence in his government following the victory of opposition-backed Karol Nawrocki in Sunday’s presidential election, he said Monday evening.”

US

IRAN (BBG): “The US will not allow any uranium enrichment as part of any deal with Iran under any deal the countries reach, President Donald Trump said.” 

FISCAL (BBG): “President Donald Trump worked the phones Monday and took to social media to try to sway Republican holdouts on his multi-trillion dollar tax bill, encountering conflicting demands from GOP senators even as he urged them to move swiftly.” 

FED (MNI INTERVIEW): Federal Reserve officials will face a difficult choice on interest rates later this year as a significant reprieve on tariffs remains unlikely, so inflation will rise at the same time as economic growth falters, former White House economist Douglas Holtz-Eakin told MNI. 

MANUFACTURING (MNI INTERVIEW): Uncertainty over trade policy will drag on U.S. manufacturing until at least the fourth quarter, as demand remains weak and the preemptive build-up of inventories begins to deplete, Institute of Supply Management survey chief Susan Spence told MNI on Monday. 

OTHER 

CANADA (MNI BOC WATCH): Canada's central bank is seen by a majority of economists as leaving interest rates unchanged for a second meeting Wednesday after core inflation moved above the target band and growth held up in the early days of the U.S. trade war.

CANADA (MNI BRIEF): Canadian Prime Minister Mark Carney on Monday laid out a short list of conditions needed for resource projects to be fast-tracked into a two-year approval timeline, and said he's open to oil pipelines linking Alberta's landlocked heavy crude to overseas markets.

JAPAN (MNI BRIEF): The Bank of Japan will maintain its stance of gradually raising the policy rate if economic and price conditions are realised, despite uncertainties surrounding the economic and price outlook remaining high, Governor Kazuo Ueda told lawmakers Tuesday.

JAPAN (MNI BRIEF): The Bank of Japan will conduct an interim assessment of its bond tapering plans at the June 16-17 policy meeting, taking market participants’ views into account when deciding the course of JGB purchases, Governor Kazuo Ueda told lawmakers Tuesday.

AUSTRALIA (MNI BRIEF): Domestic economic developments on their own justified the Reserve Bank of Australia board's May decision to lower the cash rate by 25 basis points to 3.85%, with the easing case strengthened by global trade uncertainty, according to the minutes released Tuesday.  

AUSTRALIA (MNI BRIEF): Australia’s bulk commodities exporters should weather global trade volatility in the short term, assuming Chinese authorities support their economy through fiscal stimulus, Reserve Bank of Australia Assistant Governor Sarah Hunter told an industry association Tuesday. 

CHINA 

MANUFACTURING (MNI BRIEF): China's Caixin manufacturing PMI came in at 48.3 in May, down from April's 50.4, falling into the contraction zone below the 50 mark for the first time since October 2024, the financial publisher said on Monday.

LIQUIDITY (ECONOMIC INFORMATION DAILY): “Interbank market liquidity will remain loose in June following the PBOC’s reserve requirement ratio cut and increased medium-term lending facility rollover in May, Economic Information Daily reported citing analysts’ expectations.” 

CHINA/US (MOFCOM): “The U.S. has successively introduced discriminatory measures against China since the Geneva talks, gravely undermining the hard-won trade consensus reached by both sides, a Ministry of Commerce spokesperson said.” 

CHINA MARKETS 

MNI: PBOC Net Drains CNY375.5 Bln via OMO Tuesday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY454.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY375.5 billion after offsetting the maturities of CNY830 billion today, according to Wind Information.
 

• The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4892% at 10:11 am local time from the close of 1.6645% on Friday.
• The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 50 on Friday, compared with the close of 47 on Thursday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Higher At 7.1869 Tues; +0.72% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1869 on Tuesday, compared with 7.1848 set before Dragon Boat Festival. The fixing was estimated at 7.1732 by Bloomberg survey today.

MARKET DATA

NEW ZEALAND Q1 TERMS OF TRADE +1.9% Q/Q; EST. +3.5%; Q4 +3.2%
NEW ZEALAND Q1 EXPORT VOLUMES +4.6% Q/Q; Q4 +1.5%
NEW ZEALAND Q1 IMPORT VOLUMES -2.4% Q/Q; Q4 -1.7%

AUSTRALIA Q1 NET EXPORTS CUT 0.1PP FROM GDP; EST. 0.0PP; Q4 -0.1PP
AUSTRALIA Q1 PUBLIC SECTOR DEMAND TO DETRACT 0.1PP FROM GDP; Q4 +0.1PP

AUSTRALIA Q1 COMPANY PROFITS -0.5% Q/Q; EST 1.3%; Q4 +6.0%
AUSTRALIA Q1 INVENTORIES +0.8% Q/Q; EST 0.2%; Q4 +0.2%

AUSTRALIA Q1 CURRENT ACCOUNT DEFICIT A$14.7B; EST. -A$12.5B; Q4 -A$16.3B

JAPAN MONETARY BASE MAY -3.4% Y/Y; APR. -4.8%

CHINA MAY CAIXIN MANUFACTURING PMI 48.3; EST. 50.7; APR. 50.
 

MARKETS

US TSYS: Asia Wrap - Yields A Little Lower

The TYU5 range has been 110-16 to 110-20+ during the Asia-Pacific session. It last changed hands at 110-20, up 0-05 from the previous close.

• The US 2-year yield has drifted lower, dealing around 3.93%, down 0.01 from its close.
• The US 10-year yield has drifted lower, trading around 4.4316%, down 0.1 from its close.
• (Bloomberg) -  “Traders are buying into the stagflation narrative, with Monday’s economic reports setting the tone for a week that culminates in the May jobs report. Against that backdrop, the path of least resistance is a steeper yield curve.”
• “The Fed can proceed with rate cuts if uncertainty around trade policy is resolved, Austan Goolsbee said, adding that recent data showed “surprisingly little impact so far.” Lorie Logan said risks to inflation and employment are balanced, implying the central bank can remain patient.”(BBG)
• AFR - “JPMorgan chief executive Jamie Dimon on Friday night predicted that a crack in the bond market is “going to happen” - and it will scare the pants off everyone.”
• The 10-year has bounced nicely off its support around 4.35/40%. Yields need to hold above this area to continue to build for a move higher.
• Data/Events : Factory Orders, Durable Goods Orders, JOLTS.

JGBS: 10Y Auction Result Sparks Rally, BoJ Ueda Speech Later Today

JGB futures are stronger, +10 compared to settlement levels, after gapping higher following a strong 10-year auction. 

• The 10-year JGB auction delivered a low price above expectations, according to the Bloomberg dealer poll. Moreover, the cover ratio increased to 3.6627x from 2.5440x, and the tail shortened to 0.01, the shortest since March 2023, from 0.18.
• BoJ Governor Ueda, speaking in parliament, emphasised that trade uncertainties remain extremely high and are unlikely to ease even after tariff issues are resolved. He noted that the BoJ's baseline economic scenario could change significantly due to external conditions.
• He also said the BoJ will review its bond tapering plans at the next policy meeting on June 17, taking into account feedback from bond market participants.
• Note as well Governor Ueda will speak later today at 4:50pm local time.
• Cash US tsys are ~1bp richer in today's Asia-Pac session after yesterday's sell-off.
• Cash JGBs are 1bp cheaper to 2bps richer across benchmarks, with the belly leading. The benchmark 10-year yield is 2.3bps lower on the day at 1.490%.
• Swap rates are flat to 1bp lower.
• Tomorrow, the local calendar will see Jibun Bank Composite and Services PMIs.

AUSSIE BONDS: Little Changed, RBA Minutes Highlight Uncertainty

ACGBs (YM flat & XM -1.0) are little changed after dealing in narrow ranges in today’s Sydney session. 

• Cash US tsys are ~1bp richer in today's Asia-Pac session after yesterday's sell-off. Today’s US calendar will see Factory Orders, Durable Goods Orders and JOLTS. Non-Farm Payrolls are due on Friday.
• Cash ACGBs are little changed with the AU-US 10-year yield differential at -15bps.
• The May meeting RBA minutes confirmed that staying on hold, 25bp and 50bp rate cuts were discussed. It appears that not only is there considerable uncertainty regarding the outlook but that the Board prefers to remain cautious and move “predictably”, as a result, it cut by the widely expected 25bp, which was also assumed in its updated staff projections. Given not just global uncertainties but also around the level of monetary restrictiveness and tightness in the labour market, another cut in July is not fixed and will be highly data and event-dependent.
• The bills strip is slightly mixed, with pricing -1 to +1.
• Tomorrow, the local calendar will see Q1 GDP, with the market expecting +0.4% q/q and +1.5% y/y.
• The AOFM plans to sell A$800mn of the 1.50% 21 June 2031 bond on Friday.

BONDS: NZGBS: Twist-Steepener After Long Weekend

After the long weekend, NZGBs closed showing a twist-steepener, with benchmark yields 1bp lower to 4bps higher. 

• Cash US tsys are ~1bp richer in today's Asia-Pac session after yesterday's sell-off. Today’s US calendar will see Factory Orders, Durable Goods Orders and JOLTS. Non-Farm Payrolls are due on Friday.
• (Bloomberg) - "Traders are buying into the stagflation narrative, with Monday's economic reports setting the tone for a week that culminates in the May jobs report. Against that backdrop, the path of least resistance is a steeper yield curve."
• "The Fed can proceed with rate cuts if uncertainty around trade policy is resolved, Austan Goolsbee said, adding that recent data showed "surprisingly little impact so far." Lorie Logan said risks to inflation and employment are balanced, implying the central bank can remain patient."(BBG)
• Swap rates closed 2bps lower to 3bps higher, with a steepener 2s10s curve.
• RBNZ dated OIS pricing closed little changed across meetings. 7bps of easing is priced for July, with a cumulative 30bps by November 2025.
• Tomorrow, the local calendar will be empty.
• On Thursday, the NZ Treasury plans to sell NZ$200mn of the 3.00% Apr-29 bond, NZ$200mn of the 4.50% May-35 bond and NZ$50mn of the 5.00% May-54 bond.

FOREX: Asia FX Wrap - USD Bounces in Asia

The BBDXY has had a range of 1207.93 - 1211.32 in the Asia-Pac session, it is currently trading around 1210. Robin Brooks on X: “Today's Dollar fall is worrying. It mirrors Dollar weakness in early April, when the Dollar (black) fell even as interest differentials of the US vis-à-vis the G10 (blue) were stable(see graph below). That kind of decoupling of the Dollar from rate differentials is unusual and a worrying sign.”  https://x.com/robin_j_brooks/status/1929653605440606282

• EUR/USD -  Asian range 1.1416 - 1.1455, Asia is currently trading 1.1420. EUR has drifted lower during the Asian session as US stock futures trade weaker. Dips should continue to find support, the demand back towards 1.1200 proved to be solid last week.
• GBP/USD - Asian range 1.3515 - 1.3559, Asia is currently dealing around 1.3520. The GBP is attempting another run higher but is struggling to gain any momentum on a 1.3500 handle. Look for an opportunity to buy again back towards the 13300/3400 area if seen.
• USD/CNH - Asian range 7.2016 - 7.241, the USD/CNY fix printed 7.1869. Asia is currently dealing around 7.1985. Sellers should be around on bounces while price holds below the 7.2500 area.
• Cross asset : SPX -0.42%, Gold $3361, US 10-Year 4.43%, BBDXY 1210, Crude oil $62.81

• Data/Events : Spain Unemployment, Italy Unemployment, EC CPI

  Fig 1: DXY vs 2Y2Y FWD Rate

  

  Source - Robin Brooks via X

JPY: Asia USD/JPY Wrap - Ueda Puts the Brakes On The Move Lower, For Now ?

The Asia-Pac USD/JPY range has been 142.38 - 143.27, Asia is currently trading around 143.10. USD/JPY has had an unexpected bounce in our session as the BOJ Governor pushes back on being forced to raise rates. 

• (Dow Jones) via BBG - “The yen weakens against most other G-10 and Asian currencies in the morning session on possible dovish signs in BOJ Gov. Ueda's comments earlier. Ueda said that uncertainty, including on trade policy outlook, remains high and could remain so even after the tariffs are determined. Ueda said the central bank isn't predetermining rate decisions and won't push for rate increases just to make room for future rate cuts.”
• Bank of Japan Governor Ueda, speaking in parliament, said the BoJ will review its bond tapering plans at the next policy meeting on June 17, taking into account feedback from bond market participants. Additionally, he pointed out that sharp movements in long-term yields could influence short-term rates.
• BOJ GOV UEDA: MINUTES OF BOJ'S MEETING WITH BOND MARKET PLAYERS SHOWED MANY THOUGHT IT WAS IMPORTANT FOR BOJ TO CONTINUE TAPERING BOND BUYING WHILE STRIKING BALANCE BETWEEN FLEXIBILITY AND PREDICTABILITY" RTRS
• The market seems very confident of a move lower in USD/JPY but with positioning quite large now we have seen the risk of pullbacks increase. Resistance around the 146.00 area held perfectly and the JPY bulls would be quite relieved as well as vindicated by the price action.
• The USD is looking like it is about to start another leg lower. A break below 142.00 in USD/JPY and all eyes will once again turn to the pivotal 140.00 area. Sellers should emerge on a bounce back towards the 144.00 area now.

• Options : Close significant option expiries for NY cut, based on DTCC data: 143.00($450m). Upcoming Close Strikes : 140.00($1.89b June 5), 140.00($1.13b June 6).

  Fig 1 : USD/JPY Spot Hourly Chart

  

  Source: MNI - Market News/Bloomberg

NZD: Asia Wrap - NZD/USD Struggling To Hold Above 0.6000

The NZD/USD had a range of 0.6011 - 0.6055 in the Asia-Pac session, going into the London open trading around 0.6015. The NZD has failed to hold onto its gains above 0.6050 and drifted lower all day. The move lower has been a reaction to weaker Chinese data and US Equity futures trading poorly in our session. The Bulls will be hoping demand can keep it on a 0.6000 handle to build for another attempt.

• China's May CAIXIN PMI contracted in May, surprising forecasters.  May's result of +48.3 was materially down from +50.4 in March and a surprise to market surveys predicting a rise to +50.7.
• NEW ZEALAND: Terms Of Trade Rises Again, Strong Export Volume Growth. While the Q1 merchandise terms of trade rose less than expected at 1.9% q/q, it was the fifth straight monthly increase after it was up 3.2% in Q4. Statistics NZ notes that the softer kiwi “contributed” to higher export and import prices. Export volumes rose solidly for the second straight quarter boosted by dairy products and should be a positive in Q1 GDP when it is released on June 19.
• The NZD is attempting to break out its recent range, the hawkish slant from the RBNZ last week only saw a slight paring back of short positions. Should the NZD sustain a clear break back above 0.6050 you could see some of these reduced even further.
• The support back towards 0.5850 has held very well, and while this continues to hold expect buyers to be around on dips. A clear break above 0.6050 could provide the spark for the next leg higher.
• CFTC Data showed Asset managers maintaining their shorts, while the leveraged community pared back only a little of the decent short they had initiated the week before.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6100(NZD375m). Upcoming Close Strikes : 0.5900(NZD401m June 4)

• AUD/NZD range for the session has been 1.0727 - 1.0770, currently trading 1.0755.  A top looks in place now just above 1.0900, the market will have been looking for a more dovish tone from the RBNZ last week and AUD/NZD could now see supply on bounces. The sell zone is back towards 1.0825/50 with the first target being around 1.0650.

  Fig 1: NZD/USD Spot Hourly Chart

  

  Source: MNI - Market News/Bloomberg

AUD: Asia Wrap - Fails At 0.6500 Once More

The AUD/USD has had a range of 0.6464 - 0.6500 in the Asia- Pac session, it is currently trading around 0.6465. The AUD has again failed towards the 0.6500 area, the move lower has been a reaction to weaker Chinese data and US Equity futures trading poorly in our session.

• China's May CAIXIN PMI contracted in May, surprising forecasters. May's result of +48.3 was materially down from +50.4 in March and a surprise to market surveys predicting a rise to +50.7.
• RBA: Board Wanted To Move “Predictably” In May, July Data & Event Dependent. The May meeting minutes confirmed that staying on hold, 25bp and 50bp rate cuts were discussed. It appears that not only is there considerable uncertainty regarding the outlook but that the Board prefers to remain cautious and move “predictably”, as a result it cut by the widely expected 25bp, which was also assumed in its updated staff projections
• The AUD has struggled to hold onto its overnight gains and has underperformed in the crosses as US Equity futures stay under pressure in the Asian session.
• Expect buyers to continue to be around on dips while the support in the AUD holds, a close back below 0.6300/50 would start to challenge the newly formed uptrend, a sustained break above 0.6550 and the move higher could begin to accelerate.
• Today's price action suggests the range of 0.9350 - 0.9550 is set to persist for a little longer.

• AUD/JPY - Today's range 92.49 - 92.86, it is trading currently around 92.55. Range looks 92.00 - 94.00 for now, a sustained break sub 91.50/92.00 will bring focus back to towards the lows again.

  Fig 1: AUD/USD spot Hourly Chart

  

  Source: MNI - Market News/Bloomberg

ASIA STOCKS: China Up on Stimulus Hopes, Elsewhere Mixed

As China returns from a break yesterday, an unexpected weak CAIXIN manufacturing PMI drove markets higher as investors speculate about the potential for further policy intervention.  With Korea closed, all eyes were on China's major bourses with some of the beaten down EV related stocks having a better day in Hong Kong  (BYD +1.7%, Li Auto +6.4%)

• With the Hang Seng leading the way with a rise of +1.13%, onshore bourses performed also with the CSI300 +0.48%, the Shanghai Composite +0.48% and Shenzhen up +0.57%.
• The FTSE Malay KLCI returned after being closed yesterday to be down by -0.32% and mark six successive days of falls.  
• The Jakarta Composite did very little and hovered around where it opened after its biggest fall in four weeks yesterday.  
• The FTSE Straits Times in Singapore is down -0.03% whilst the PSEi in the Philippines is up +0.45%.  
• The NIFTY 50 is in line for three straight days of fall, losing ground by -0.20% today.  

OIL: Crude Holds Onto Gains As Supply Worries Fade

Oil prices have held onto Monday’s 3.7% gains and continued to trade higher during today’s APAC session. WTI is up 0.4% to around $62.80/bbl but off the intraday high of $63.25, but continues to trade above the 50-day EMA at $62.47 opening up key resistance at $65.82. Brent is 0.3% higher at $64.82 but down from today’s peak of $65.34, just above initial resistance at $65.31. The USD index is up 0.1%. 

• The fading prospect of an easing in sanctions on Russia or Iran has supported oil prices. The potential increase in supply was a concern at a time of output normalisation from OPEC.
• While OPEC announced another 411kbd production increase from July, many of the group’s members have little spare capacity with Saudi the main one who can boost output, which it may choose not to do. The impact of normalisation may not be as much as feared if many in OPEC end up underproducing quotas.
• Also on the supply side, fires in Alberta have threatened oil production resulting in around 350kbd or 7% of Canadian output being shut down, according to Bloomberg. The closures impact heavy crude which is currently in short supply due to seasonal maintenance.
• With the significant uncertainty created by US trade announcements in recent months, data is being scrutinised for observable effects on activity. For oil, US inventory data is being monitored for signs of demand slippage and how the driving season is progressing. The industry-based data is out today with the official EIA on Wednesday.
• Later the Fed’s Goolsbee, Cook and Logan appear. May euro area HICP, US April JOLTS job openings and final April US orders print.

GOLD: Bullion Gives Up Some Gains As US Dollar Strengthens

After rising 2.8% to $3381 on Monday, gold prices are down 0.6% to $3361.9, holding just below initial resistance at $3365.9, 23 May high, during today’s APAC trading. They reached a high of $3392.2 early in the session but have trended lower since reaching a trough of $3359.91 as the US dollar strengthened (USD BBDXY +0.2%), but trade and geopolitical risks remain present with talks on a number of fronts ongoing.  

• Australia’s ABS reported that Q1 shipments of gold to the US were larger than the total of the last four years, as producers aimed to beat US tariffs.
• Regional equities are mixed with the Hang Seng up 1.1%, Straits Times flat and Nifty 50 down 0.3% and S&P e-mini -0.4%. Other commodities are mixed with silver down 1.8% to $34.14, copper -2.5% but WTI up 0.5%. US yields are little changed.
• Later the Fed’s Goolsbee, Cook and Logan appear. May euro area HICP, US April JOLTS job openings and final April US orders print. 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
03/06/2025	0630/0830	***	CH	CPI
03/06/2025	0700/0300	*	TR	Turkey CPI
03/06/2025	0900/1100	***	EU	HICP (p)
03/06/2025	0900/1100	**	EU	Unemployment
03/06/2025	0900/1000	**	GB	Gilt Outright Auction Result
03/06/2025	0900/1000	**	GB	Gilt Outright Auction Result
03/06/2025	0915/1015		GB	BOE Bailey, Breeden, Dhingra, Mann At TSC
03/06/2025	-	***	US	Domestic-Made Vehicle Sales
03/06/2025	1255/0855	**	US	Redbook Retail Sales Index
03/06/2025	1400/1000	**	US	Factory New Orders
03/06/2025	1400/1000	***	US	JOLTS jobs opening level
03/06/2025	1400/1000	***	US	JOLTS quits Rate
03/06/2025	1400/1000	**	US	Factory New Orders
03/06/2025	1645/1245		US	Chicago Fed's Austan Goolsbee
03/06/2025	1700/1300		US	Fed Governor Lisa Cook
03/06/2025	1930/1530		US	Dallas Fed's Lorie Logan
04/06/2025	2300/0900	*	AU	S&P Global Final Australia Services PMI
04/06/2025	2300/0900	**	AU	S&P Global Final Australia Composite PMI
04/06/2025	0030/0930	**	JP	S&P Global Final Japan Services PMI
04/06/2025	0030/0930	**	JP	S&P Global Final Japan Composite PMI
04/06/2025	0130/1130	***	AU	Quarterly GDP
04/06/2025	0700/0900	**	ES	Industrial Production
04/06/2025	0715/0915	**	ES	S&P Global Services PMI (f)
04/06/2025	0715/0915	**	ES	S&P Global Composite PMI (final)
04/06/2025	0745/0945	**	IT	S&P Global Services PMI (f)
04/06/2025	0745/0945	**	IT	S&P Global Composite PMI (final)
04/06/2025	0750/0950	**	FR	S&P Global Services PMI (f)
04/06/2025	0750/0950	**	FR	S&P Global Composite PMI (final)
04/06/2025	0755/0955	**	DE	S&P Global Services PMI (f)
04/06/2025	0755/0955	**	DE	S&P Global Composite PMI (final)
04/06/2025	0800/1000	**	EU	S&P Global Services PMI (f)
04/06/2025	0800/1000	**	EU	S&P Global Composite PMI (final)
04/06/2025	0830/0930	**	GB	S&P Global Services PMI (Final)
04/06/2025	0830/0930	***	GB	S&P Global/ CIPS UK Final Composite PMI
04/06/2025	0900/1000	**	GB	Gilt Outright Auction Result
04/06/2025	0900/1000	**	GB	Gilt Outright Auction Result
04/06/2025	1100/0700	**	US	MBA Weekly Applications Index
04/06/2025	1215/0815	***	US	ADP Employment Report
04/06/2025	1230/0830		US	Atlanta Fed's Raphael Bostic
04/06/2025	1345/0945	***	CA	Bank of Canada Policy Decision
04/06/2025	1345/0945	***	US	S&P Global Services Index (final)
04/06/2025	1345/0945	***	US	S&P Global US Final Composite PMI