MNI EUROPEAN OPEN: Japan Real Wages Remain Negative Y/Y

EXECUTIVE SUMMARY

• FED DISTRICTS SEE SOFTER GROWTH, TARIFF UNCERTAINTY - MNI BRIEF 
• SENATE CONFIRMS BOWMAN AS NEW FED VC FOR REGULATION - MNI BRIEF 
• TRUMP SIGNS TRAVEL BAN FOR 12 COUNTRIES INCLUDING AFGHANISTAN - BBG 
• JAPANESE REAL WAGES STAY NEGATIVE IN APRIL - MNI BRIEF 
• MNI DISCUSSES THE RBA’S CHALLENGES AHEAD - MNI 

Fig 1:  Japan Real Wages Remained Negative Y/Y In April 

Source: MNI - Market News/Bloomberg/Refinitiv. 

UK

HOUSING (BBG): “Britain’s property market saw its busiest month in over three years in May, defying expectations for a slowdown after a tax break for buyers expired. “

EU

RUSSIA (BBG): “Donald Trump on Wednesday broadcast Vladimir Putin’s warning that he’ll retaliate against Ukraine for its recent stunning drone strikes deep inside Russian territory, the clearest signal yet that the US president’s peace efforts have stalled.” +

GERMANY (BBG): "As Donald Trump pushes ahead with his campaign to transform the way the world does business, Germany is uniquely vulnerable. Trump has harbored a grudge against Germany since his first term in office and the country’s auto and steel industries are particularly exposed to his tariffs

NATO (ECONOMIST): “Defence ministers from NATO’s 32 member states will meet at the alliance’s headquarters in Brussels on Thursday. Pete Hegseth, America’s secretary of defence, will deliver remarks alongside Mark Rutte, NATO’s secretary-general.”

FRANCE (ECONOMIST): “Brazil’s president, Luiz Inácio Lula da Silva, begins a state visit to France on Thursday. President Emmanuel. Besides trade and investment, a focus of the trip will be environmental conservation. But the pair will have some contentious issues to discuss too. One is the Mercosur free-trade deal between the European Union and four Latin American countries, including Brazil, which France opposes.”

US

FED (MNI BRIEF): U.S. economic activity weakened somewhat in recent weeks while firms report unusually high levels of uncertainty associated with tariffs, the Federal Reserve's Beige Book report said Wednesday.

FED (MNI BRIEF): The U.S. Senate Wednesday confirmed Federal Reserve Governor Michelle Bowman as the central bank's new vice chair for supervision in a narrow 48-46 vote along party lines with six abstentions. 

FED (BBG): "Federal Reserve Bank of Minneapolis President Neel Kashkari said the US central bank is well positioned to wait and see how tariff policies impact the economy before adjusting interest rates."  

SERVICES (MNI INTERVIEW):  Tariffs To Lift Service Costs Further, ISM Says

TRAVEL (BBG): “President Donald Trump on Wednesday signed a proclamation that bans individuals from 12 countries from entering the US, reinstating one of the most controversial and defining measures from his first term in the wake of an attack in Boulder, Colorado, that targeted a march in support of Israeli hostages.” 

FISCAL (RTRS): “Hardline conservative Republicans in the U.S. Senate and billionaire Elon Musk showed no sign of softening opposition to President Donald Trump's tax-cut and spending bill on Wednesday, as they pushed for deeper reductions in government outlays.” 

OTHER 

CANADA (MNI INTERVIEW): BOC Still On Cut Path As GDP Falters- Ex Adviser

CANADA (MNI BRIEF): Bank of Canada Governor Tiff Macklem told reporters Wednesday the economy remains somewhere between the two scenarios officials laid out in April around the the intensity of the U.S. trade war, and the recent climb in core inflation has his attention.

CANADA/CHINA (MNI BRIEF): Canada's trade minister said Wednesday he met with a Chinese counterpart and they "committed to continuing conversations to resolve trade irritants."

JAPAN (MNI BRIEF): Japan’s inflation-adjusted real wages fell 1.8% in April from a year earlier, marking the fourth consecutive month in negative territory, unchanged from March’s pace and 20 basis points below expectations, preliminary data from the Ministry of Health, Labour and Welfare showed Thursday.

AUSTRALIA (MNI): Weak Productivity To Cramp RBA's Easing Path - Ex Staff

CHINA 

SMEs (ECONOMIC DAILY): “Authorities will increase financing supply for small and private enterprises involved in foreign trade, technology and consumption, Economic Daily reported, citing a National Financial Regulatory Administration statement with seven other departments.” 

TARIFFS (YICAI): “China should not consider a comprehensive zero tariff trade policy given the nation's economic and security development, an analyst at the Ministry of Commerce Research Institute told Yicai news, emphasising the comments reflected personal views amid public debate on the issue.”  

SERVICES (BBG): "China’s services activity expanded at a faster pace in May, a private survey showed, in a sign the consumer economy is stabilizing while higher US tariffs threaten demand for exports.

CHINA MARKETS 

MNI: PBOC Net Drains CNY139.5 Bln via OMO Thursday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY126.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net drain of CNY139.5 billion after offsetting the maturities of CNY266 billion today, according to Wind Information.
 

• The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.5135% at 10:00 am local time from the close of 1.5549% on Wednesday.
• The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 46 on Wednesday, compared with the close of 48 on Tuesday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Thurs; +0.91% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1865 on Thursday, compared with 7.1886 set on Wednesday. The fixing was estimated at 7.1783 by Bloomberg survey today.

MARKET DATA

AUSTRALIA APRIL HOUSEHOLD SPENDING +0.1% M/M & +3.7% Y/Y; EST.+0.2%/+3.6%; MAR. -0.1%/+3.8%

AUSTRALIA APRIL TRADE SURPLUS A$5.41B; EST. A$6.00B; MAR. A$6.89B
AUSTRALIA APRIL EXPORTS -2.4% M/M; MAR. +7.2%
AUSTRALIA APRIL IMPORTS +1.1% M/M; MAR. -2.4%

NEW ZEALAND COTALITY HOME VALUES MAY -0.1% M/M; APR. -0.1%

NEW ZEALAND Q1 CONSTRUCTION WORK UNCHANGED Q/Q; EST. -0.8%; Q4 -5.0%

NEW ZEALAND MAY ANZ COMMODITY EXPORT PRICES +1.9% M/M; APR. 0.0%

JAPAN APRIL LABOR CASH EARNINGS +2.3% Y/Y; EST. +2.6%; MAR. +2.3%
JAPAN APRIL REAL CASH EARNINGS -1.8% Y/Y; EST. -1.6%; MAR. -1.8%
JAPAN APRIL SAME BASE REGULAR FULL-TIME PAY +2.5% Y/Y; EST. +2.3%; MAR. +2.1%
JAPAN APRIL CASH WAGES FROM SAME SAMPLE +2.6% Y/Y; EST. +2.8%; MAR. +2.7%

S. KOREA Q1 GDP -0.2% Q/Q, SAME AS PREVIOUS ESTIMATE; EST. -0.2%; Q4 +0.1%
S. KOREA Q1 GDP 0.0% Y/Y, REVISED FROM -0.1%; EST. -0.1%; Q4 +1.3%

CHINA MAY CAIXIN SERVICES PMI 51.1; EST. 51.0; APR. 50.7
CHINA MAY CAIXIN COMPOSITE PMI 49.6; APR. 51.1

MARKETS

US TSYS: Asia Wrap - Yields Drift Higher

The TYU5 range has been 111-01 to 111-05+ during the Asia-Pacific session. It last changed hands at 111-01+, down 0-02 from the previous close.

• The US 2-year yield has edged higher, dealing around 3.8809%, up 0.01 from its close.
• The US 10-year yield has moved higher, trading around 4.3709%, up 0.2 from its close.
• MNI FED: Beige Book: Economic Activity Declining Slightly. The June 4 Beige Book reported that "economic activity has declined slightly since the previous report". Uncertainty was a key theme, with manufacturing activity and household consumption showing signs of weakness. Overall the outlook remained "slightly pessimistic and uncertain".
• Bob Elliott on X: “For all the bond dooming around these parts, it seems the long end performed just fine in response to the suite of negative growth data today. Those folks who have sworn off bonds should take heed.” https://x.com/BobEUnlimited/status/1930405270682849614
• "FED'S KASHKARI SAYS LABOR MARKET SHOWING SOME SIGNS OF SLOWING,  FED MUST WAIT AND SEE AS ECONOMY FACES UNCERTAINTY" - BBG
• The 10-year yield is attempting to break its support around 4.35/40%. Yields need to hold around this area to continue to build for a move higher, the market positioning is short and would now be worried about what a lower NFP print could signal.
• Data/Events: Trade Balance, Initial Jobless Claims, NFP tomorrow night will be hugely important.

JGBS: Market Quickly Reverses Initial Weakness After Poor 30Y Auction

JGB futures are sharply stronger and at Tokyo session highs, +46 compared to settlement levels, after quickly reversing initial weakness following today’s poor 30-year auction.

• The 30-year JGB auction delivered poor results, suggesting weak investor demand. The low price fell short of dealer expectations, per a Bloomberg survey. Moreover, the cover ratio fell to 2.9215x from 3.0739x, and the auction tail lengthened significantly to 0.49 from 0.30.
• “Recent auctions in Japan, Australia, and South Korea have shown weak demand, and investors are demanding more compensation to hold long-dated bonds due to growing anxiety about fiscal deficits. The trend of higher global yields is a warning sign from investors that governments cannot keep borrowing at the pace they did when interest rates were close to zero.” (per BBG)
• Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's strong data-induced rally. The focus is now on today's weekly jobless claims, trade balance, and unit labour costs data.
• Cash JGBs are 2-7bps richer across benchmarks, with a flatter curve. The benchmark 30-year yield is 6.8bps lower at 2.883% after today's supply.
• Swap rates are 2-5bps lower.
• Tomorrow, the local calendar will see Household Spending and Coincident/Leading Index data.

AUSSIE BONDS: Modestly Richer, Narrow Ranges, Jun-31 Supply Tomorrow

ACGBs (YM +2.0 & XM +2.5) sit slightly stronger after dealing in relatively narrow ranges in today’s Sydney session.

• (MNI) Our policy reaction function is signalling that rates on hold around 3.85% is consistent with the economic outlook. The RBA reduced its trimmed mean inflation projection by 0.1pp to 2.6% so that the inflation gap is now only 0.1pp and also revised down its growth projections due to current global trade uncertainty and slower-than-expected private consumption growth.
• The model is updated for yesterday’s Q1 GDP data, but given much of the softness was due to weather events, a July 8 rate cut is likely to be more dependent on more timely monthly data releases and trade negotiation progress.
• Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's strong data-induced rally.
• Cash ACGBs are 2bps richer, with the AU-US 10-year yield differential at -13bps vs. -20bps yesterday.
• The bills strip has twist-flattened, with pricing -1 to +2.
• RBA-dated OIS pricing suggests a 25bp rate cut in July is an 86% probability, with a cumulative 81bps of easing priced by year-end.
• Tomorrow, the local calendar will see Foreign Reserves data and the AOFM’s planned sale of A$800mn of the 1.50% 21 June 2031 bond.

BONDS: NZGBS: Bull-Steepener, Apr-29 Supply Sees ~6.0x Cover

NZGBs closed showing a bull-steepener, with benchmark yields 1-3bps lower. While the 2-year finished at session bests, the 10-year yield closed some 4bps higher than its low.

• The April 2029 note auction recorded a bid-to-cover ratio of 5.30x — the second highest since the bond's introduction in 2018, trailing only the 5.995x peak in November 2023. Meanwhile, the May 2035 bond saw a ratio of 2.74x, a notable improvement from 2.11x at its last issuance in December.
• New residential lending falls ~NZ$70m m/m to NZ$8.0b. New residential on fixed terms drops to 70% from 75%.
• Cash US tsys are ~1bp cheaper in today's Asia-Pac session after yesterday's strong data-induced rally. The focus is now on today's weekly jobless claims, trade balance, and unit labour costs data.
• "Fed's Kashkari says the labor market is showing some signs of slowing; the Fed must wait and see as the economy faces uncertainty." – Bloomberg
• RBNZ appoints Kate Le Quesne to the new role of Assistant Governor, Enterprise Services.
• Swap rates closed 3-5bps lower, with the 5-year leading.
• RBNZ dated OIS pricing closed flat to 5bps softer across meetings. 6bps of easing is priced for July, with a cumulative 33bps by November 2025.
• Tomorrow, the local calendar will be empty. 

FOREX: Asia FX Wrap - BBDXY Can't Bounce, Eye's 1200 Pivot

The BBDXY has had a range of 1207.21 - 1209.24 in the Asia-Pac session, it is currently trading around 1208. “The EU asked China to address its export restrictions on rare earths and magnets, which are causing disruptions for the European car industry. The Asian nation has introduced a tracking system for the products, Reuters reported”. China Data - CAIXIN PMI Services Rises in May: Following the disappointing May CAIXIN PMI Manufacturing, all eyes were on the CAIXIN PMI Services. May's result of +51.1 will be a welcome relief to market watchers. The USD looking at breaking some crucial levels against a range of currencies, the NFP print tomorrow night will be a key input to determine if these can follow through.

• EUR/USD -  Asian range 1.1411 - 1.1435, Asia is currently trading 1.1420. EUR has drifted sideways during the Asian session. Dips should continue to find support while price holds above 1.1100/1200.
• GBP/USD - Asian range 1.3541 - 1.3566, Asia is currently dealing around 1.3560. The GBP is attempting another run higher but is struggling to gain any momentum on a 1.3500 handle. Like USD/JPY its looking to break key weekly levels, NFP will have a say in whether it can be sustained.
• USD/CNH - Asian range 7.1701 - 7.1814, the USD/CNY fix printed 7.1865. Asia is currently dealing around 7.1790. Sellers should be around on bounces while price holds below the 7.2500 area.
• Cross asset : SPX -0.10%, Gold $3375, US 10-Year 4.37%, BBDXY 1208, Crude oil $62.64

• Data/Events : Germ Factory Orders, Italy Retail sales, EZ PPI, ECB 

  Fig 1: GBP/USD Spot Weekly Chart

  

  Source: MNI - Market News/Bloomberg

JPY: Asia Wrap - Moves Back To 143.00

The Asia-Pac USD/JPY range has been 142.53 - 142.97, Asia is currently trading around 142.85. USD/JPY had a pop higher just after the Japanese Fix but has failed to follow through above 143.00 in our session. 

• April labor earnings data were slightly below market forecasts, but we did see positive revisions. Nominal earnings rose 2.3%y/y, versus 2.6% projected. The March print was revised higher to 2.3%y/y.
• In terms of inflows into Japan bonds, there was a notable step-up by offshore investors in terms of purchases. The 1.165trln in net inflows was the strongest weekly pace since mid-April. This comes at a time when we have seen a faltering appetite at longer-dated JGB auctions.
• The bounce in USD/JPY did not last very long with good selling above 144.00 and aided by the USD again coming under renewed selling pressure.
• A break below 142.00 in USD/JPY and all eyes will once again turn to the pivotal 140.00 area. Will the market be able to challenge the 140.00 area without first seeing what the NFP print is ? A lower NFP and you have to think the market attempts to break lower.
• Traders will be watching the long term pivotal area around 140.00. A break would really see this move accelerate opening up a bigger move back to 125/130
• Sellers should be around today on any bounce back towards the 144.00 area.

• Options : Close significant option expiries for NY cut, based on DTCC data: 140.00($2b), 143.00($1.28b). Upcoming Close Strikes : 140.00($1.13b June 6), 142.00($1.56b June 6), 140.00($1.04b June 9).

  Fig 1 : USD/JPY Spot Monthly Chart

  

  Source: MNI - Market News/Bloomberg

AUD: Asia Wrap - Treads Water With An Eye On 0.6550

The AUD/USD has had a range of 0.6489 - 0.6509 in the Asia- Pac session, it is currently trading around 0.6495. The AUD has had a very quiet session, treading water as it eyes testing the 0.6550 area. 

• AUSTRALIA DATA: Consumption Made A Soft Start To Q2. Household spending started Q2 on a soft note with the small increase narrowly driven by non-discretionary expenditure and Queensland. The total rose 0.1% m/m in April to be up 3.7% y/y after weather-affected March was revised higher to a 0.1% m/m fall but up 3.8% y/y.
• AUSTRALIA DATA: Softer Exports But Capex Imports Up, Surplus Within Recent Range. The April merchandise trade surplus narrowed $1.5bn to $5.4bn but remained above the Q1 average and in line with the levels seen since the end of the post-Covid rebound.
• The AUD moved higher overnight bouncing off the demand seen around 0.6450 as the USD came under heavy selling pressure.
• Price is back in the 0.6350 - 0.6550 range, a sustained break above 0.6550 is needed for the move higher to accelerate. Price looks set to test the top end of the range but I am not sure how far it extends until we get confirmation of a slowdown in labor from the NFP tomorrow night.
• Expect buyers to continue to be around on dips while the support in the AUD holds, a close back below 0.6300/50 is needed to challenge the newly formed uptrend.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6490(AUD1.14b). Upcoming Close Strikes : 0.6300(AUD 1.47b June 6), 0.6420(AUD771m June 10)

• AUD/JPY - Today's range 92.56 - 92.91, it is trading currently around 92.80. 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/JPY spot Hourly Chart

  

  Source: MNI - Market News/Bloomberg

NZD: Asia Wrap - NZD Drifts Higher, Eyeing A Break Above 0.6050

The NZD/USD had a range of 0.6025 - 0.6043 in the Asia-Pac session, going into the London open trading around 0.6035. The NZD has had a quiet session consolidating its recent gains above 0.6000 and now eyes a move above 0.6050.

• ASB Sees All Meetings “Live” But July RBNZ Hold Likely: At its May meeting, the RBNZ said that rates were now in the “neutral zone” and the MPC now no longer had a bias but would monitor events and data very closely. ASB still sees all meetings in 2025 as “live” given that risks are skewed to the downside, but given current uncertainty, it has “pencilled in 25bp cuts in August and October” which still leaves its end-2025 OCR forecast at 2.75%.
• The NZD found solid demand just below 0.6000 as dips remain well supported, aided by the USD again coming under renewed pressure.
• 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. Can the market be aggressive and sustain a move above this area pre NFP remains to be seen. A low NFP print might be the catalyst it needs though to finally extend higher.
• Options : Closest significant option expiries for NY cut, based on DTCC data: 0.5990(NZD390m), 0.5895(NZD304m). Upcoming Close Strikes : 0.5880(NZD300m June 10)

• AUD/NZD range for the session has been 1.0762 - 1.0776, currently trading 1.0765.  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 1.0800/25 with the first target being around 1.0650.

  Fig 1: NZD/USD Spot Weekly Chart

  

  Source: MNI - Market News/Bloomberg

ASIA STOCKS: A Positive Day for Major Bourses

South Korea's KOSPI rose again today on post election optimism.  Korean stocks were supported by the rally in Nvidia's stock with Samsung Electronics and SK Hynix benefitting.  

• China's Hang Seng delivered its third day of gains up +0.42% and is up over +2.5% for the week.  The CSI 300 didn't take the lead only rising +0.07%, Shanghai a mere +0.08% and Shenzhen up just +0.11%.
• The KOSPI has now rallied three days straight and is up just over 1% today, and over 3% on election optimism.  
• Having rallied yesterday to break six straight days of losses, the FSE Malaysia KLCI is up +0.40% today.  
• The Jakarta Composite has had a strong day rising +0.70%, following up from yesterday's gains.  
• The FTSE Straits Times did very little up +0.02% and the PSEi in the Philippines went the other way down -0.15%
• India's NIFTY 50 is up +0.55% backing up from yesterday's gains.  

OIL: Crude Down Marginally On Saudi Position To Keep Increasing Output

Oil prices are lower again during today’s APAC trading after falling around a percent on Wednesday following disappointing US data and Saudi Arabia keeping its options open to increase output further. WTI is down 0.4% to $62.59/bbl, holding just above the 50-day EMA, after reaching $62.81 earlier. Brent is 0.3% lower at $64.68/bbl after a high of $64.93. The USD index is little changed.

• OPEC has already increased production targets by 411kbd three times this year and Saudi Arabia said it is considering another 411kbd in both August and September to make the most of summer travel demand. It likely also wants to increase its market share but risks pushing prices substantially lower. If the tariff-driven increase in uncertainty drives slower global growth and thus energy demand, it might rethink this position.
• Later the Fed’s Kugler, Harker & Schmid as well as BoE’s Greene & Breeden speak. The ECB is expected to cut rates 25bp and the decision will be followed by President Lagarde’s press conference. US jobless claims, May Challenger job cuts, April trade & final Q1 productivity/ULC, and April German factory orders & euro area PPI print.

Gold Range Trading Ahead Of Friday’s Payrolls, Fed Speak Later

After rising moderately on Wednesday, gold is slightly lower during today’s APAC session. It is down 0.1% to $3368.4 off the intraday high of $3384.18 as it continues to trade below initial resistance at $3392.2, 3 June high. US yields and the greenback are slightly higher, while equities in the region are generally stronger. 

• Bullion is set to remain highly sensitive to trade and geopolitical developments, with current issues remaining unresolved.
• It rose on the back of disappointing US data yesterday and will be monitoring May payrolls on Friday closely for signs of recent uncertainty impacting the labour market. 126k new jobs are expected with the unemployment rate steady at 4.2%. An undershoot may increase expectations of Fed cuts in 2025, thus boosting gold prices.
• Geopolitical and trade tensions as well as concern about the greenback appear to be prompting an increase in central bank buying of gold for their reserves, especially by China, according to Bloomberg.
• Equities are mainly higher with the Hang Seng up 0.4% and KOSPI +1.0% but Nikkei is down 0.5% and the S&P e-mini flat. Commodities are generally lower with WTI -0.4% to $62.59/bbl, iron ore down to around $95/t, silver -0.1% to $34.47 but copper slightly higher.
• Later the Fed’s Kugler, Harker & Schmid as well as BoE’s Greene & Breeden speak. The ECB is expected to cut rates 25bp and the decision will be followed by President Lagarde’s press conference. US jobless claims, May Challenger job cuts, April trade & final Q1 productivity/ULC, and April German factory orders & euro area PPI print. 

UP TODAY (TIMES GMT/LOCAL) 

Date	GMT/Local	Impact	Country	Event
05/06/2025	0545/0745	**	CH	Unemployment
05/06/2025	0600/0800	**	DE	Manufacturing Orders
05/06/2025	0600/0800	***	SE	Flash Inflation Report
05/06/2025	0730/0930	**	EU	S&P Global Final Eurozone Construction PMI
05/06/2025	0745/0845		GB	BOE's Greene Opening Remarks at Econdat Conference 2025
05/06/2025	0800/1000	*	IT	Retail Sales
05/06/2025	0830/0930		GB	Decision Maker Panel data
05/06/2025	0830/0930	**	GB	S&P Global/CIPS Construction PMI
05/06/2025	0900/1100	**	EU	PPI
05/06/2025	1215/1415	***	EU	ECB Deposit Rate
05/06/2025	1215/1415	***	EU	ECB Main Refi Rate
05/06/2025	1215/1415	***	EU	ECB Marginal Lending Rate
05/06/2025	1230/0830	***	US	Jobless Claims
05/06/2025	1230/0830	**	US	WASDE Weekly Import/Export
05/06/2025	1230/0830	**	CA	International Merchandise Trade (Trade Balance)
05/06/2025	1230/0830	**	US	Trade Balance
05/06/2025	1230/0830	**	US	Non-Farm Productivity (f)
05/06/2025	1230/0830	**	US	Trade Balance
05/06/2025	1245/1445		EU	ECB Press Conference
05/06/2025	1400/1000	*	CA	Ivey PMI
05/06/2025	1430/1030	**	US	Natural Gas Stocks
05/06/2025	1530/1130	*	US	US Bill 08 Week Treasury Auction Result
05/06/2025	1530/1130	**	US	US Bill 04 Week Treasury Auction Result
05/06/2025	1600/1200		US	Fed Governor Adriana Kugler
05/06/2025	1620/1220		CA	BOC Deputy Kozicki speech
06/06/2025	2330/0830	**	JP	Household spending
06/06/2025	0600/0800	**	DE	Trade Balance
06/06/2025	0600/0800	**	DE	Industrial Production
06/06/2025	0645/0845	*	FR	Industrial Production
06/06/2025	0645/0845	*	FR	Foreign Trade
06/06/2025	0830/1030		EU	ECB Lagarde Video Message For CIBP Anniv
06/06/2025	0900/1100	**	EU	Retail Sales
06/06/2025	0900/1100	***	EU	GDP (final)
06/06/2025	0900/1100	*	EU	Employment
06/06/2025	1230/0830	***	CA	Labour Force Survey
06/06/2025	1230/0830	***	US	Employment Report
06/06/2025	1230/0830	***	CA	Labour Force Survey