MNI EUROPEAN OPEN: Israel-Iran Conflict Continues
EXECUTIVE SUMMARY
- ISRAEL-IRAN ATTACKS EXTEND TO FOURTH DAY WITH NO DEAL IN SIGHT - BBG
- TRUMP VETOED ISRAELI PLAN TO KILL IRAN’S SUPREME LEADER, US OFFICIALS SAY - RTRS
- CHINA MAY CONSUMPTION HITS OVER ONE-YEAR HIGH - MNI BRIEF
- CHINA TO CONTINUE ACTIVE MACRO POLICIES - MNI BRIEF
- FORMER RBA ECONOMISTS DISCUSS ITS FUTURE MOVES - MNI
Fig 1: China May Activity Saw Retail Sales Accelerate Y/Y
Source: MNI - Market News/Bloomberg Finance L.P.
UK
POLITICS (BBC): “Chancellor Rachel Reeves says the government will do "everything in [its] power" to protect people in the UK from the knock-on economic effects of the conflict between Iran and Israel.”
TRADE (POLITICO): “The U.K. government has delayed the timeline for gaining exemptions from U.S. tariffs on British steel and cars. Trade Secretary Reynolds previously said he would issue a written statement to members of parliament and table legislation on market access for U.S. beef and ethanol as soon as Monday. British officials now hope Reynolds will update parliament on Tuesday.”
TRADE (POLITICO): “Canada has agreed to ratify Britain’s accession to a massive Pacific-rim trade pact, allowing the two countries to trade under its terms as they push for closer commerce ties amid Washington’s tariff war.”
DEFENCE (POLITICO): “Keir Starmer is confident the £176 billion AUKUS submarine pact will still go ahead despite a Donald Trump review of the trilateral nuclear program.”
EU
TRADE (POLITICO): “"Let's keep trade between us fair, predictable and open. All of us need to avoid protectionist measures — this is an important message that the G7 can send to the markets and to the world," von der Leyen told reporters, speaking alongside Costa at the first press conference of the G7 leaders' meeting in Canada.”
G7 (POLITICO): “French president says conflicts in the Middle East and Ukraine will be a top item at the G7 summit in Canada. Emmanuel Macron on Sunday urged U.S. President Donald Trump to use his influence to bring about peace in Ukraine and in the Middle East.”
FRANCE (BBC): “In a sign of Greenland's growing importance, French President Emmanuel Macron is visiting the Arctic island today, in what experts say is a show of European unity and a signal to Donald Trump.”
DEFENCE (ECONOMIST): “The biennial Paris airshow, the world’s biggest, opens on Monday at Le Bourget, an airport in the French capital. Nearly half the show will be dedicated to the defence industry, a big increase on the previous staging in 2023, according to the organisers.”
TECH (POLITICO): “Industry, lawmakers and safety campaigners begin new lobbying scramble as AI laws are revisited.”
RUSSIA (POLITICO): “President Donald Trump spoke for an hour Saturday morning with Russian President Vladimir Putin, Trump announced, amid increasingly volatile situations in the Middle East — and Putin’s war in Ukraine.”
US
MIDDLE EAST (BBG): “President Donald Trump said he believed it’s possible Israel and Iran could reach an agreement to end their conflict, though the two sides may need to continue fighting before they’re ready to broker a peace deal.”
US/ISRAEL (RTRS): “President Donald Trump vetoed an Israeli plan in recent days to kill Iran's Supreme Leader Ayatollah Ali Khamenei, two U.S. officials told Reuters on Sunday. "Have the Iranians killed an American yet? No. Until they do we're not even talking about going after the political leadership," said one of the sources, a senior U.S. administration official.
FED (MNI FED WATCH): Federal Reserve officials are expected to hold interest rates steady Wednesday for a fourth straight meeting and mark up their inflation and unemployment forecasts as President Trump's tariffs begin eating away at growth.
OTHER
ISRAEL/IRAN (BBG): “ Open hostilities between Israel and Iran entered a fourth day on Monday with no sign of easing, stoking fears of a wider war in the oil-rich region.”
ISRAEL (RTRS): “Regime change in Iran could be a result of Israel's military attacks on the country, Israeli Prime Minister Benjamin Netanyahu told Fox News on Sunday, saying Israel would do whatever is necessary to remove the "existential threat" posed by Tehran.”
IRAN (RTRS): “ Iran has told mediators Qatar and Oman that it is not open to negotiating a ceasefire while it is under Israeli attack, an official briefed on the communications told Reuters on Sunday, as the two foes launched fresh attacks and raised fears of a wider conflict.”
CANADA (MNI): Canada's cabinet in late March approved a borrowing plan with a CAD95 billion "contingency margin" because of geopolitical risks and officials discussed how it might be used, according to a briefing document obtained by MNI, specifying an amount which if tapped would exceed the largest deficit on record outside the pandemic.
JAPAN (BBG): “Japan’s finance minister said discussions with market participants are a key factor for ensuring government bonds are bought and sold stably ahead of a closely watched ministry meeting with investors.”
JAPAN (BBG): “Public support for Japan’s prime minister is holding up after the government moved to address high rice prices, according to new opinion polls, a positive sign for Shigeru Ishiba as he heads into an election and tries to reach a trade agreement with the US.”
AUSTRALIA (MNI): Former RBA economists discuss its future moves.
CHINA
CONSUMPTION (MNI BRIEF): China's retail sales, a gauge of consumption, quickened to 6.4% y/y in May from April's 5.1% growth, hitting the highest level since December 2023, beating the 4.9% forecast, according to data released Monday by the National Bureau of Statistics.
MACRO POLICIES (MNI BRIEF): Beijing will continue implementing active macro policies to enhance economic momentum, according to Fu Linghui, spokesperson for the National Bureau of Statistics on Monday.
HOUSING (PEOPLE’S DAILY): “China will make greater efforts to help the real-estate market bottom out and recover, according to the State Council executive meeting.”
CONSUMPTION (YICAI): “Chinese consumers remain cautious about increasing leverage, with new short-term residential loans falling in May by CNY45.1 billion compared to the same period last year, Yicai.com reported, citing analysts.”
EXPORTS (YICAI): “The impact of the recent U.S. tariff reduction on Chinese exports has yet to materialise fully, as exports to the U.S. still fell by 34.5% year-on-year in May, down a further 13.5 percentage points from April, according to Guan Tao, global chief economist at BOCI China, writing in Yicai.com.”
MNI: PBOC Net Injects CNY68.2 Bln via OMO Monday
MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY242 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY68.2 billion after offsetting the maturity of CNY173.8 reverse repo today, according to Wind Information.
- The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.4385% at 09:36 am local time from the close of 1.5020% on Friday.
- The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 45 on Friday, compared with the close of 49 on Thursday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.
MNI: PBOC Sets Yuan Parity Higher At 7.1789 Mon; +1.10% Y/Y
MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1789 on Monday, compared with 7.1872 set on Friday. The fixing was estimated at 7.1849 by Bloomberg survey today.
MNI: China CFETS Yuan Index Down 0.09% In Week of Jun 13
The CFETS Weekly RMB Index was 95.49 on Jun 13, down 0.09% compared with 95.58 as of Jun 6.
MARKET DATA
UK JUNE RIGHTMOVE HOUSE PRICES -0.3% M/M; MAY +0.6%
UK JUNE RIGHTMOVE HOUSE PRICES +0.8% Y/Y; MAY +1.2%
NEW ZEALAND BNZ MAY SERVICES 44; APR. 48.1
CHINA MAY EXISTING HOME PRICES -0.5% M/M; APR. -0.4%
CHINA MAY NEW HOME PRICES -0.22% M/M; APR. -0.12%
CHINA MAY INDUSTRIAL OUTPUT +5.8% Y/Y; EST. +6%; APR. +6.1%
CHINA MAY RETAIL SALES +6.4% Y/Y; EST. +4.9%; APR. +5.1%
CHINA JAN.-MAY FIXED INVESTMENT +3.7% Y/Y; EST. +4%; EST. +4.0%; JAN-APR. +4.0%
CHINA JAN.-MAY PROPERTY DEV. INVESTMENT -10.7% Y/Y; EST. -10.5%; JAN-APR. -10.3%
CHINA JAN.-MAY RESIDENTIAL PROPERTY SALES -2.8% Y/Y; JAN.-APR. -1.9%
CHINA END-MAY SURVEYED JOBLESS RATE 5.0%; EST. 5.1%; END-APR. 5.1%
SOUTH KOREA APRIL ADJUSTED M2 MONEY SUPPLY +0.2% M/M; MAR. -0.1%
SOUTH KOREA APRIL ADJUSTED L MONEY SUPPLY +0.5% M/M; MAR +0.4%
MARKETS
US TSYS: Asia Wrap - Yields Edge Higher
The TYU5 range has been 110-18 to 110.26 during the Asia-Pacific session. It last changed hands at 110-18+, down 0-01 from the previous close.
- The US 2-year yield moved higher; it is currently trading around 3.969%, up 0.02 from its close.
- The US 10-year yield has moved higher, it is trading around 4.428%, up 0.03 from its close.
- MNI FED: Two Cuts Priced This Year Headed Into FOMC Week. As we head into the June Fed meeting week, market pricing is reflective of the FOMC’s messaging : The next cut is only fully priced by the October FOMC meeting, with September seeing a roughly 80% implied probability of bringing the next 25bp reduction. Exactly 50bp of cuts are priced through end-2025, implying two Q4 cuts. That’s a shift from just after the May meeting, after which the next cut was fully priced by September, and there were closer to three cuts priced for the rest of the year.
- Bloomberg - “Even before this geopolitical flare-up, it was unlikely that Fed Chair Jerome Powell would validate dovish market pricing at Wednesday’s press conference. The FOMC has consistently emphasized the need for sustained progress and “greater confidence” that inflation is on track to return to the 2% target, and this weekend’s developments only further complicate an already uncertain path.”
- The 10-year yield has bounced strongly off its 4.30/35% support, this area needs to hold if yields are to move higher. A sustained break back below 4.30% and you would think more shorts will be pared back. It seems traders for the moment are more concerned with the move in oil and the implications it has for inflation than buying treasuries as a safe haven.
- Data/Events: Empire Manufacturing
JGBS: Cheaper, BoJ Decision Tomorrow, Ueda Presser & Taper Program In Focus
JGB futures are weaker, -52 compared to the settlement levels, and hovering near the session’s worst level.
- Cash US tsys are 2-3bps cheaper in today's Asia-Pac session. As we head into the June Fed meeting week, the next cut is only fully priced by the October FOMC meeting, with September seeing a roughly 80% implied probability.
- The BoJ is expected to keep its policy rate unchanged at 0.50% tomorrow. The key area of interest will be Governor Kazuo Ueda’s post-meeting press conference. Investors will closely examine his comments for any signals on the timing and likelihood of future rate hikes. If the BoJ begins to hint at stronger underlying inflationary trends or shows greater optimism about the economy, it could stoke expectations of a rate hike in the autumn.
- The second area of market focus is on the BoJ’s JGB purchase program. Market expectations suggest a slower pace of reductions during fiscal year 2026. If the BoJ chooses to maintain the current pace of ¥400 billion reductions per quarter in FY2026, this would be interpreted as a mildly hawkish move. (See MNI BoJ Preview here)
- Cash JGBs are flat to 4bps cheaper across benchmarks, with the 5-7-year zone leading.
- The swaps curve has twist-flattened, with rates 1bp higher to 1bp lower.
AUSSIE BONDS: Cheaper, Jobs Report On Thurs, BoJ & FOMC Decisions Beforehand
ACGBs (YMU5 -8.0 & XMU5 -9.0) are weaker and hovering at/near Sydney session lows on a data-light day.
- Cash US tsys are 2-3bps cheaper in today’s Asia-Pac session. As we head into the June Fed meeting week, the next cut is only fully priced by the October FOMC meeting, with September seeing a roughly 80% implied probability. Exactly 50bp of cuts are priced through end-2025, implying two Q4 cuts.
- Cash ACGBs are 6-8bps cheaper with the AU-US 10-year yield differential at -19bps.
- The bills strip has cheapened, with pricing -2 to -7.
- RBA-dated OIS pricing is firmer across meetings today. A 25bp rate cut in July is given an 83% probability, with a cumulative 78bps of easing priced by year-end.
- Tomorrow, the local calendar will be empty. The highlight of the week will be May jobs data on Thursday. Bloomberg consensus sees a 20k rise in new jobs, in line with the 3-month average, with the unemployment and participation rates stable at 4.1% and 67.1% respectively.
- The AOFM plans to sell A$300mn of the 4.75% 21 June 2054 bond tomorrow, A$900mn of the 2.75% 21 June 2035 bond on Wednesday and A$800mn of the 1.00% 21 December 2030 bond on Friday.
BONDS: NZGBS: Bear-Steepens, Global Bond Yields Push Higher, Q1 GDP On Thu
NZGBs closed at the session’s worst levels, showing a solid bear-steepening of the 2/10 curve. Benchmark yields rose by 3-8bps higher.
- BNZ’s manufacturing and services PMIs both deteriorated in May and are below the breakeven-50 level. Senior economist Steel warned that they are consistent with a return to a recession. With rates now in the “neutral zone” and the RBNZ Governor Hawkesby saying the MPC doesn’t have a bias, it looks like the RBNZ will be on hold on July 9.
- The focus of the week will be on Thursday’s Q1 GDP release. Bloomberg consensus is forecasting another 0.7% q/q increase in production-based GDP. Expenditure-based GDP should see a significant contribution from agricultural and services (tourism) exports.
- Swap rates closed 3-8bps higher, with the 2s10s curve steeper.
- RBNZ dated OIS pricing closed 1-5bps firmer across meetings. 4bps of easing is priced for July, with a cumulative 28bps by November 2025.
- Tomorrow, the local calendar will see Food Prices.
- On Thursday, the NZ Treasury plans to sell NZ$225mn of the 3.00% Apr-29 bond, NZ$175mn of the 2.75% Apr-37 bond and NZ$50mn of the 2.75% May-51 bond.
FOREX: Asia FX Wrap - USD Consolidates
The BBDXY has had a range of 1202.92 - 1204.92 in the Asia-Pac session, it is currently trading around 1204. Japan and the EU plan to step up defense-industry cooperation, with officials and private-sector representatives set to meet Monday, Nikkei reported“(BBG). CHINA Retail Sales Strong with Urban Leading: The retail sales figures for May confirm the strength of the consumer that supports an improving domestic economy. Urban retail sales grew strongly, expanding by +6.5% whilst rural increased to +5.4%.
- EUR/USD - Asian range 1.1524 - 1.1548, Asia is currently trading 1.1535. EUR has rejected the move above 1.1600 but dips should continue to find demand, first support back towards the 1.1400 area then 1.1100/1200. EUR/USD looked to have broken the pivotal 1.1500 area last week, this needs to be sustained to signal a larger move higher.
- GBP/USD - Asian range 1.3535 - 1.3567, Asia is currently dealing around 1.3545. The GBP looks to have failed to hold onto its upward momentum as it attempts to sustain a break above its pivotal Weekly resistance. First support seen back towards 1.3400/50.
- USD/CNH - Asian range 7.1843 - 7.1904, the USD/CNY fix printed 7.1789. Asia is currently dealing around 7.1850. Sellers should be around on bounces while price holds below the 7.2500 area.
- Cross asset : SPX +0.15%, Gold $3430, US 10-Year 4.425%, BBDXY 1204, Crude oil $73.80
Data/Events : Italy CPI, EZ Labour Costs
Fig 1: GBP/USD Spot Hourly Chart
Source: MNI - Market News/Bloomberg Finance L.P
JPY: Asia Wrap - Tries Higher Finds Offers Back Towards 145.00 Again
The Asia-Pac USD/JPY range has been 143.97 - 144.75, Asia is currently trading around 144.35. USD/JPY has been better bid for most of our session as US yields extend their move higher and US Equity futures turn positive again after initially trying lower.
- “Japan and the EU plan to step up defense-industry cooperation, with officials and private-sector representatives set to meet Monday, Nikkei reported.”(BBG)
- The BoJ is expected to keep its policy rate unchanged at 0.50% at its June 16-17 meeting. The key area of interest will be Governor Kazuo Ueda's post-meeting press conference. Investors will closely examine his comments for any signals on the timing and likelihood of future rate hikes. If the BoJ begins to hint at stronger underlying inflationary trends or shows greater optimism about the economy, it could stoke expectations of a rate hike in the autumn.
- "JAPAN, US LEADERS ARRANGING TO MEET ON 17TH: KYODO" - BBG
- USD/JPY held its support back towards the 142.00 area once more, with oil surging again and US yields bouncing this pair has drifted back to the middle of its recent range.
- Price is back in its recent 142.00 - 147.00 range and will need a break either side of that to get a clearer direction. The larger interest around 145.00 looks to be rolling off tonight.
- The market still seems very confident of a move lower in USD/JPY but with positioning quite large now we have seen the risk of pullbacks increase. A break above 147.00 would be needed to challenge the conviction of any shorts.
- Options : Close significant option expiries for NY cut, based on DTCC data: 145.00($4.87b). Upcoming Close Strikes : 143.00($692m June 18).
CFTC data shows Asset managers maintained their already extensive JPY longs, leveraged funds looked to have pared back their own longs once more.
Fig 1 : JPY CFTC Data
Source: MNI - Market News/Bloomberg Finance L.P
The AUD/USD has had a range of 0.6467 - 0.6496 in the Asia- Pac session, it is currently trading around 0.6475. The AUD has drifted a little lower for most of our session, -0.2%.
- Consensus Expects Labour Market Remained Tight In May. The highlight of the week, which doesn’t include many events, will be May jobs data. Bloomberg consensus is expecting that the status quo continued last month with Australia’s labour market remaining tight. A 20k rise in new jobs is forecast, in line with the 3-month average, with the unemployment and participation rates stable at 4.1% and 67.1% respectively.
- The AUD did well to hold above 0.6450 as risk came under pressure during the Friday session. The USD is still struggling to find any traction and as a result it still probably makes more sense to express any AUD weakness via the crosses until that changes.
- Price remains in the 0.6350 - 0.6550 range, a sustained break above 0.6550 is needed for the move higher to accelerate.
- Expect buyers to continue to be around on dips while the support in the AUD/USD holds, a close back below 0.6350 is needed to challenge the newly formed uptrend.
- Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6560(AUD549m), 0.6455(AUD476m). Upcoming Close Strikes : 0.6600(AUD 974m June 18)
- CFTC Data shows Asset managers maintaining their shorts, the Leveraged community though continued to build up their shorts again.
AUD/JPY - Today's range 93.34 - 93.89, it is trading currently around 93.45. The price has topped out again towards 94.00 this morning after a big bounce off 92.50 overnight. A break back below 91.50/92.00 is needed to see the move lower regain momentum and the focus turn back to the year's lows again.
Fig 1: AUD CFTC Data
Source: MNI - Market News/Bloomberg Finance L.P
NZD: Asia Wrap - Quiet Asian Session
The NZD/USD had a range of 0.6004 - 0.6026 in the Asia-Pac session, going into the London open trading around 0.6010. A very quiet session for the NZD, it continues to cling to its foothold above 0.6000.
- NZ Data - Slower Growth Expected But Inflation Eases To Band Mid-Point. The NZIER June survey of forecasters has been published and is showing a downward revision to NZ growth this financial year and next compared with the March results. FY25 is down 0.3pp to 1.1% and FY26 0.2pp to 1.9%, the recovery remains in place supported by lower rates.
- BNZ Indices Signal Economic Slowdown & Job Shedding. BNZ’s manufacturing and services PMIs both deteriorated in May and are below the breakeven-50 level and senior economist Steel warned that they are consistent with a return to a recession. With rates now in the “neutral zone” and the RBNZ Governor Hawkesby saying the MPC doesn’t have a bias, it looks like the RBNZ will be on hold on July 9 as it waits for more data, but it does monitor these indices and they suggest that the meeting will be “live”.
- The USD’s muted reaction to the events on Friday have the market again questioning the role it has as a safe haven ?
- The NZD continues to find solid support around the 0.6000 area. The upward momentum though has stalled for now and the market will be watching if risk can continue to hold up as impressively as it did on Friday night.
- While the support around 0.5850 holds in NZD/USD there should be buyers around on dips. A clear break above 0.6050/0.6100 and the move could start to accelerate.
- CFTC Data showed Asset managers paring back their shorts slightly over the week, the leverage community did likewise.
AUD/NZD range for the session has been 1.0761 - 1.0798, currently trading 1.0770. A top looks in place now just above 1.0900, the cross topped out last week towards the 1.0800/25 sell area, the first target looks to be around 1.0650.
Fig 1: NZD CFTC Data
- Source: MNI - Market News/Bloomberg Finance L.P
ASIA STOCKS: Major Markets Mixed with KOSPI Leading
Despite the Israel - Iran conflict driving volatility across financial markets, there was an even mix of results across major Asian bourses today with the KOSPI one of the best performers. China's bourses struggled as data released showed the struggle for housing continues.
- The Hang Seng was down -0.12% and remains lower over the last week. The CSI 300 followed its lead, lower by -0.06%. The Shanghai Comp struggled into positive territory rising +0.05% and Shenzhen was the best performer rising +0.34% yet too remains lower over the last week.
- The KOSPI is strong, up over 1% as is the best performer of the major bourses over the last week.
- The FTSE Malay KLCI is down -0.27% and the Jakarta Composite flat.
- The FTSE Straits Times in Singapore is lower by -0.30% and the PSEi in the Philippines lower by -0.56%.
- Having finished Friday down -0.68%, the NIFTY 50 in India is eking out gains Monday rising by +0.20%
OIL: WTI Continues to Rise as Brent Moderates
- Supply concerns are driving oil prices higher as the Israel-Iran conflict continues to escalate and fears rise on the possibility that Iran could block the Straits of Hormuz.
- The Straits of Hormuz sees 30% of oil shipped by sea transiting through it.
- WTI is up +1.05% today at US73.93 bbl in the Asia trading day.
- Brent has given back some of Friday’s gains and is down by -0.17% at US$75.06 bbl.
- WTI rose 7.6% to $73.18 bbl on Friday after reaching a high of $77.62 early in APAC trading. It is now up 24.6% this month.
- Brent was 8.4% higher at $75.18 bbl but off the intraday high of $78.50 and has started today up 3.4% to about $76.74 after rising to $78.32 initially. It is around 22% higher in June. The bull cycle remains in play and Friday’s intraday high is now initial resistance. Technicals are signalling that the trend is currently in an extreme overbought position.
- Abu Dhabi National Oil Co. “Adnoc” has made an $18bn bid for Australian fossil fuel producer Santos Ltd. to expand its footprint in the liquefied natural gas market.
- The bid represents a premium over over 25% to Santos' closing price on Friday, and the company's board intends to unanimously recommend the bid to shareholders.
GOLD: Off Earlier Highs, But Uptrend Remains Intact
Gold made highs of $3451.31 in the first part of trade, but we sit lower now, last back close to $3431, down slightly from end levels last week. Early gains were driven by the spike in oil from the open, which contributed to softer US equity futures. Sentiment has stabilized somewhat though, with US equity futures back modestly in the green. The USD has also ticked up against the majors, likely providing an additional headwind to gold.
- Still, recent gains reinforce the bullish trend with the bull trigger at $3500.1. Moving average studies are in a bull mode and highlight a dominant uptrend. Further risk off episodes can't be ruled out, with the on-going Israel-Iran conflict.
- Continued pessimism towards the USD should also support gold demand.
- On the downside, note the following support: $3325.3/3249.9 - 20- and 50-day EMA.
UP TODAY (TIMES GMT/LOCAL)
| Date | GMT/Local | Impact | Country | Event |
| 16/06/2025 | 0800/1000 | *** |  IT | HICP (f) |
| 16/06/2025 | 1030/1230 |  EU | ECB Cipollone At Osservatorio Banca Impresa 2030 Meeting | |
| 16/06/2025 | 1215/0815 | ** |  CA | CMHC Housing Starts |
| 16/06/2025 | 1230/0830 | ** |  US | Empire State Manufacturing Survey |
| 16/06/2025 | 1300/0900 | * | CA | CREA Existing Home Sales |
| 16/06/2025 | 1530/1130 | * | US | US Treasury Auction Result for 13 Week Bill |
| 16/06/2025 | 1530/1130 | * | US | US Treasury Auction Result for 26 Week Bill |
| 16/06/2025 | 1700/1300 | ** | US | US Treasury Auction Result for 20 Year Bond |
| 16/06/2025 | - | US | FOMC Meetings with S.E.P. | |
| 17/06/2025 | 0200/1100 | *** |  JP | BOJ Policy Rate Announcement |
| 17/06/2025 | 0600/0800 | ** |  SE | Unemployment |
| 17/06/2025 | 0900/1100 | *** |  DE | ZEW Current Expectations Index |
| 17/06/2025 | 0900/1000 | ** |  GB | Gilt Outright Auction Result |
| 17/06/2025 | 0900/1000 | ** | GB | Gilt Outright Auction Result |
| 17/06/2025 | 1230/0830 | * | CA | International Canadian Transaction in Securities |
| 17/06/2025 | 1230/0830 | *** | US | Retail Sales |
| 17/06/2025 | 1230/0830 | ** | US | Import/Export Price Index |
| 17/06/2025 | 1230/0830 | *** | US | Retail Sales |
| 17/06/2025 | 1255/0855 | ** | US | Redbook Retail Sales Index |
| 17/06/2025 | 1315/0915 | *** | US | Industrial Production |
