MNI EUROPEAN OPEN: US & EU Equity Futures Weaker

Jul-14 05:26By: Jonathan Cavenagh

Europe

EXECUTIVE SUMMARY

TRUMP INTENSIFIES TRADE WAR WITH THREAT OF 30% TARIFFS ON EU, MEXICO - RTRS
TRUMP TO ANNOUNCE ‘AGGRESSIVE' UKRAINE WEAPONS PLAN - AXIOS
GOOLSBEE SAYS FED WILL NOT ACCEPT FISCAL DOMINANCE - MNI BRIEF
CHINA'S H1 EXPORTS UP 5.9%; IMPORTS DOWN 3.9% - MNI BRIEF
CHINA H1 IMPORTS FALL DUE TO COMMODITY PRICES - MNI BRIEF

Fig 1: China Export & Imports - Y/Y

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

POLITICS (BBG): “UK living standards are no higher than when Labour swept to power a year ago, highlighting the problems piling up for Prime Minister Keir Starmer as he struggles to contain the rise of Nigel Farage’s populist Reform UK party.”

LABOUR MARKET (BBG): “Hiring by UK businesses plunged at the fastest pace in nearly two years, according to a survey that suggested that the fallout from a hike in payroll taxes is showing little sign of letting up.”

UKRAINE (AXIOS): “President Trump will announce a new plan to arm Ukraine on Monday that is expected to include offensive weapons, two sources with knowledge of the plans tell Axios.”

TRADE (BBG): “The EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter.”

FRANCE (BBG): “President Emmanuel Macron said France will make a “new” and “historic” effort to increase defense spending to counter an acceleration of threats to freedom in Europe and the risk of outright war in the coming years.”

TARIFFS (RTRS): “President Donald Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1, after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive trade deal.”

FED (BBG): “President Donald Trump and his allies have seized upon a new way to criticize the head of the US central bank: his handling of an expensive renovation of the Federal Reserve’s headquarters.”

FED (MNI BRIEF): Federal Reserve Bank of Chicago President Austan Goolsbee said the central bank's mandate does not include setting interest rates with a consideration of how it affects fiscal spending, and added that new tariffs unveiled by President Trump have further muddied the economic outlook.

FISCAL (MNI BRIEF): The U.S. government posted a USD27 billion budget surplus for June, up USD98 billion from a year earlier, reflecting strong tax receipts and collections of import duties, the Treasury Department said Monday. The U.S. year-to-date deficit sits at USD1.337 trillion through nine months of the fiscal year, up 5% from the previous year.

OTHER

CANADA (MNI BRIEF): Canadian Natural Resources Minister Tim Hodgson said Friday his country has leverage in trade talks with Donald Trump, rejecting the President's dismissal of any reliance on its northern neighbor for commodities the day after Trump set a revised Aug. 1 deadline for imposing 35% tariffs.

JAPAN (BBG): “Bank of Japan officials are likely to consider raising at least one of their inflation forecasts at a policy meeting later this month, after rice and food-related prices rose more than expected, according to people familiar with the matter.”

CHINA

TRADE (MNI BRIEF): China's first half exports increased 5.9% y/y, with imports narrowing to a 3.9% decline from the 7.0% drop in Q1, data released by China Customs showed on Monday. Exports in June reached USD325.1 billion, up 5.8% y/y, exceeding Mays 4.8% and the forecasted 5.2%. Imports rose 1.1% in June, the first positive change in four months and beating the market consensus of 0.5%.

TRADE (MNI BRIEF): China’s H1 imports reached CNY8.79 trillion, down 2.7% y/y, impacted by uncertainty in international trade policies and falling prices of bulk commodities, Wang Lingjun, deputy director at the General Administration of Customs, told reporters on Monday.

HOUSING (SECURITIES DAILY): “Local governments are expected to boost home sales by increasing mortgage loan quotas taken from housing provident funds and supporting fund account withdrawls to pay down payments, Securities Daily reported, citing Chen Wenjing, director of policy research at the China Index Academy”

PRICES (PEOPLE’S DAILY): “Engaging in price wars and “involution-style” competition only leads to “throwing good money after the bad”, with no true winner emerging from such rivalries, according to a front-page commentary published in the People’s Daily Monday.”

BONDS (SECURITIES TIMES): “The number of China’s bond exchange-traded funds has reached nearly 40, with their assets under management exceeding 400 billion yuan ($55.8 billion), according to a report by the Securities Times Monday.”

MNI: PBOC Net Injects CNY119.7 Bln via OMO Monday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY226.2 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY119.7 billion after offsetting the maturity of CNY106.5 reverse repo today, according to Wind Information.

The seven-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.4935% at 09:32 am local time from the close of 1.4718% on Friday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 50 on Friday, compared with the close of 48 on Thursday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PBOC Sets Yuan Parity Higher At 7.1491 Mon; +1.20% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate higher at 7.1491 on Monday, compared with 7.1475 set on Friday. The fixing was estimated at 7.1772 by Bloomberg survey today.

MNI: China CFETS Yuan Index Up 0.30% In Week of Jul 11

The CFETS Weekly RMB Index was 95.60 on Jul 11, up 0.30% compared with 95.30 as of Jul 4.

MARKET DATA

NEW ZEALAND JUNE PERFORMANCE SERVICES INDEX 47.3; PRIOR 44.1
NEW ZEALAND JUNE CARD SPENDING RETAIL M/M 0.5%; PRIOR -0.1%
NEW ZEALAND JUNE CARD SPENDING TOTAL M/M -0.2%; PRIOR 0.3%

JAPAN MAY CORE MACHINE ORDERS M/M -0.6%; MEDIAN -1.5%; PRIOR -9.1%
JAPAN MAY CORE MACHINE ORDERS Y/Y 4.4%; MEDIAN 5.2%; PRIOR 6.6%
JAPAN MAY F INDUSTRIAL PRODUCTION Y/Y -2.4%; PRIOR -1.8%
JAPAN MAY CAPACITY UTILIZATION M/M 2.0%; PRIOR 1.3%

CHINA JUNE EXPORTS 5.8%; MEDIAN 5.0%; PRIOR 4.8%
CHINA JUNE IMPORTS 1.1%; MEIDAN 0.3%; PRIOR -3.4%
CHINA JUNE TRADE BALANCE $114.77bn; MEDIAN $112.10bn; PRIOR $103.22bn

MARKETS

US TSYS: Asia Wrap - Quiet Session For US Bonds

The TYU5 range has been 110-24+ to 110-28 during the Asia-Pacific session. It last changed hands at 110-27, up 0-04 from the previous close.

The US 2-year yield has edged lower trading around 3.88%
The US 10-year yield has edged higher trading around 4.413%.
The 10-year yield is again testing the 4.40/45% pivot within its wider 4.10% - 4.65% range. The market is clearly worried about inflation and the CPI this week will be a critical input into the market's thinking. A sustained close back above the 4.45% area could see more longs pared back, above here and the focus will turn back to the 4.60% area.
Nick Timiraos on X: “Penn’s Peter Conti-Brown: “We are in a high-stakes moment in the history of the Federal Reserve. It seems clear to me that the Trump administration, using various mechanisms, [has] now cooked up a post-hoc explanation for Powell’s removal.”
"TRUMP: IF POWELL TO STEP DOWN WOULD BE A GOOD THING" - BBG
MNI BRIEF: US Budget Surplus $27B In June; YTD Deficit $1.3T. The U.S. government posted a USD27 billion budget surplus for June, up USD98 billion from a year earlier, reflecting strong tax receipts and collections of import duties, the Treasury Department said Monday.

Fig 1: 10-Year US Yield Hourly Chart

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

JGBS: Bear-Steepening As Upper House Elections Approach

JGB futures are sharply weaker and hovering near session lows, -46 compared to settlement levels.

(Bloomberg) " The Bank of Japan finished selling millions of dollars of stocks it bought from besieged banks, ending a nearly two decade process. The BOJ's holdings of the shares purchased from banks hit zero as of July 10, falling from 2.5 billion 10 days ago, according to its balance sheet report."
"JAPAN RULING BLOC MAY LOSE MAJORITY IN ELECTION: JNN ANALYSIS" – BBG
Cash US tsys are slightly cheaper, with a steepening bias, in today's Asia-Pac session after Friday's bear-steepener.
Cash JGBs are flat to 4bps cheaper across benchmarks, with the 20-year leading. The benchmark 10-year yield is 6.4bps higher at 2.578% versus the cycle high of 2.605%.
Swap rates are flat to 6bps higher, with a steeper curve. Swap spreads are tighter out to the 20-year and wider beyond.
Tomorrow, the local calendar will be empty apart from 5-year Climate Transition supply.

AUSSIE BONDS: Slightly Cheaper, Narrow Ranges, Jun-54 Supply Tomorrow

ACGBs (YM -2.0 & XM -2.0) sit weaker after dealing in narrow ranges in today’s Sydney session.

Cash US tsys are slightly cheaper, with a steepening bias, in today's Asia-Pac session after Friday's bear-steepener.
Cash ACGBs are 2-3bps cheaper with the AU-US 10-year yield differential at -6bps. At -6bps, the differential is positioned near the middle of the +/- 30bps range that has held since November 2022.
The bills strip is slightly cheaper, with pricing -1 to -3.
RBA-dated OIS pricing is slightly firmer across meetings today. A 25bp rate cut in August is given an 88% probability, with a cumulative 59bps of easing priced by year-end (based on an effective cash rate of 3.84%).
Tomorrow, the local calendar will see Westpac Consumer Confidence.
This week, the AOFM plans to sell A$300mn of the 4.75% 21 June 2054 bond tomorrow, A$800mn of the 4.25% 21 March 2036 bond on Wednesday and A$1100mn of the 1.00% 21 November 2031 bond on Friday.

BONDS: NZGBS: Closed Near Cheaps, Bear-Steepener

NZGBs closed near the session’s worst level, showing a modest bear-steepener. Benchmark yields were flat to 3bps higher. The NZ-US 10-year yield differential closed 2bps tighter at +14bps.

The New Zealand performance of services index rebounded somewhat in June, rising to 47.3 from 44.1 (per BNZ and Business NZ). We are still sub the early 2025 highs for the index, which was just above the 50 expansion/contraction point.
(Bloomberg) -- RBNZ balance sheet has shrunk further in June, according to data posted on the central bank website Monday in Wellington. Total assets declined to NZ$72.4b from NZ$77.3b at May 31, and from NZ$84.4b at June 20, 2024, the smallest since November 2020.
Swap rates closed flat to 2bps higher, with the 2s10s curve steeper.
RBNZ dated OIS pricing closed slightly softer across meetings. 19bps of easing is priced for August, with a cumulative 34bps by November 2025.
Tomorrow, the local calendar will be empty.
On Thursday, the NZ Treasury plans to sell NZ$200mn of the 4.50% May-30 bond, NZ$200mn of the 4.25% May-36 bond and NZ$50mn of the 1.75% May-41 bond.

FOREX: Asia FX Wrap - BBDXY Holding Around 1200

The BBDXY has had a range of 1198.51 - 1200.95 in the Asia-Pac session, it is currently trading around 1200, +0.05%. The BBDXY has once again found decent supply capping the 1200 area. Price action is interesting though in that the price is not violently moving lower from these bouts of strength as it did in the past. The price does look stretched and the market is short so a correction is not out of the question. Axios via (BBG) - Trump To Announce 'Aggressive' Ukraine Weapons Plan : Headlines have crossed from Axios that US President Trump will announce an 'aggressive' Ukraine weapons plan Monday. "President Trump will announce a new plan to arm Ukraine on Monday that is expected to include offensive weapons, two sources with knowledge of the plans tell Axios."

EUR/USD - Asian range 1.1662 - 1.1698, Asia is currently trading 1.1680. The pair tried lower on the open but has again seen solid demand again just towards the 1.1650 area in our session. The price is still starting to look a little stretched in the short term and is vulnerable to any correction in the USD, first support is back towards 1.1600 then more importantly the 1.1450 area.
GBP/USD - Asian range 1.3472 - 1.3504, Asia is currently dealing around 1.3480. Price has rejected the move higher but the USD would need to gain momentum higher for GBP/USD to extend lower in the short-term. First support right here around 1.3500 a break below here would signal a deeper pullback to the more important 1.3350/1.3400 area.
USD/CNH - Asian range 7.1686 - 7.1758, the USD/CNY fix printed 7.1491, Asia is currently dealing around 7.1700. Sellers should be around on bounces while price holds below the 7.2500 area and the PBOC manages the fix lower.
Cross asset : SPX -0.45%, Gold $3354, US 10-Year 4.415%, BBDXY 1200, Crude oil $68.41
Data/Events : Germany BBG Economic Survey, France BBG Economic Survey, EZ BBG Economic Survey, Spain BBG Economic Survey

Fig 1: GBP/USD Spot Hourly Chart

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

NZD: Asia Wrap NZD/USD - Challenging Support Just Below 0.6000

The NZD/USD had a range of 0.5981 - 0.6015 in the Asia-Pac session, going into the London open trading around 0.5985, -0.40%. Risk is opening on the backfoot this morning as the world has to again digest Trump's next round of tariffs this time on Europe and Mexico, E-Mini -0.40%, NQ -0.40%. NZD/USD needs to hold this support just below 0.6000 to build for another test higher, the risk is the USD taking a leg higher. A break below this support and the market would look back towards the 0.5850/0.5900 area.

NZ Data - Services PMI Firmer In June, But Still Comfortably Sub 50.0 : The New Zealand performance of services index rebounded somewhat in June, rising to 47.3 from 44.1 (per BNZ and Business NZ). We are still sub the early 2025 highs for the index, which was just above the 50 expansion/contraction point.
NZ Data - Mixed June Card Spending Trends, Down For Q2: June card spending figures were mixed, with total spending down 0.2% m/m, after a 0.3% May gain. Card spending for retail rose 0.5%m/m, after a revised 0.1% fall in May.
(Bloomberg) -- RBNZ balance sheet has shrunk further in June, according to data posted on the central bank website Monday in Wellington. Total assets declined to NZ$72.4b from NZ$77.3b at May 31, and from NZ$84.4b at June 20, 2024, smallest since November 2020.
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : none.
CFTC Data shows Asset Managers added slightly to their newly built longs in NZD +9229, the Leveraged community added slightly to their shorts last week -8654.
AUD/NZD range for the session has been 1.0927 - 1.0972, currently trading 1.0970. TThe cross has broken out of its recent range and is now trying to push through the more pivotal 1.0950 area. Dips back to 1.0850/1.0900 should now be supported as the pair tries to build momentum to move higher.

Fig 1: NZD CFTC Data

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

AUD: Asia Wrap - AUD/USD Moves Away From 0.6600 After A Soft Open For Risk

The AUD/USD has had a range of 0.6558 - 0.6588 in the Asia- Pac session, it is currently trading around 0.6565, -0.20%. CFTC Data does not show any real reduction in the AUD short positions, the price action at the end of last week suggested there might have been some paring back of these so it's interesting to see it has not had an impact yet. Risk is opened on the backfoot this morning as the world has to again digest Trump's next round of tariffs this time on Europe and Mexico. AUD/USD is being capped by decent supply towards 0.6000, price needs to clear this to gain momentum for a push higher until then it looks back to the range.

(Bloomberg) -- “The IMF data show reserve managers shifting into USD in 4Q 2024, reducing most other currencies by modest amounts. The exceptions were large drops in the percentage of holdings for AUD and GBP. For the Aussie dollar that was the single largest change in allocations in either direction since 2012. In 1Q 2025 the shift out of AUD ramped up massively, to the lowest level on record.”
“The US government is pressing Japan and Australia to clarify their roles in the event of a US-China war over Taiwan, a move that upsets America’s two key allies in the region, the FT reported.” -BBG
The AUD/USD continues to hold above its support around 0.6500, looks like it's back to the 0.6500 - 0.6600 range and it should now take its cues from the USD. Watching to see if the market can build on this outperformance and break above 0.6600.
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.6560(AUD631m July 15), 0.6495(AUD611m July15), 0.6700(AUD611m July 16).
CFTC Data shows Asset managers added to their shorts slightly -38252, the Leveraged community pared back their shorts to -19061.
AUD/JPY - Today's range 96.46 - 96.93, it is trading currently around 96.75, -0.20%. The pair has had a good move above 96.00 and this time looks to be building real momentum to extend higher. The market has been caught wrong-footed in both legs of this pair and price action suggests a potential move back to 99.00/100.00. Dips back to 95.50/96.00 should now be supported.
Fig 1: AUD CFTC Data
Source: MNI - Market News/Bloomberg Finance L.P

JPY: Asia Wrap USD/JPY - Consolidating Above 147.00

The Asia-Pac USD/JPY range has been 146.86 - 147.57, Asia is currently trading around 147.30, -0.10%. The pair has traded sideways with little direction, the soft opening for risk saw some reprieve for JPY longs in the crosses. The USD/JPY relentless march higher has been pretty telling, challenging a market positioned the wrong way. Price is now consolidating some of those recent gains, dips back towards 145.00 should now find support first up. CFTC Data shows leveraged funds have pared back their JPY longs almost back to flat, Asset managers have pared back some of their position but still continue to run a decent sized long JPY position.

(Bloomberg) - " The Bank of Japan finished selling millions of dollars of stocks it bought from besieged banks, ending a nearly two decade process. The BOJ's holdings of the shares purchased from banks hit zero as of July 10, falling from 2.5 billion 10 days ago, according to its balance sheet report."
JAPAN DATA - Core Machine Orders Y/Y Slows, But Still Pointing To Resilient Capex.
"JAPAN RULING BLOC MAY LOSE MAJORITY IN ELECTION: JNN ANALYSIS” - BBG
(Bloomberg) - Options traders appear to be positioning for the yen to weaken further in the near-term due to looming US inflation data and Japan’s upper house elections.
USD/JPY has lost all downside momentum for now and is back in its wider 142.00 - 148.00 range. The Market is long JPY and should the USD manage to continue to correct higher the risk is a move back to the top end of the range to further challenge the conviction of the shorts.
Options : Close significant option expiries for NY cut, based on DTCC data: 146.10($514m).Upcoming Close Strikes : 146.50($1.25b July 16).
CFTC data shows Asset managers reduced their JPY longs slightly +89331, while leveraged funds have almost squared their newly built JPY longs +5224.

Fig 1 : JPY CFTC Data

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

ASIA STOCKS: Modest Gains Evident For Most Markets, Despite Negative US Futures

Asian stock markets have had a fairly indifferent start to the trading week, albeit with a positive bias for most markets. At this stage, aggregate moves are not much beyond 0.50% for the major regional bourses. US equity futures are down close to 0.40% at this stage. Weekend threats from US President Trump on a 30% tariff for the EU (as well as Mexico) has weighed on sentiment. EU futures are down around 0.60% at this stage. There appears to be room for negotiations but concrete deals might be difficult to achieve ahead of the August 1 deadline.

China and Hong Kong markets are marginally higher in the first part of Monday trade. The CSI 300 holding above 4000 at this stage, while the HSI is above 24000. Earlier we have China June trade data, where export and import growth marginally surprised on the upside. These trends don't look spectacular but are holding up well considering tariff levels.
Japan markets are marginally higher in the first part of Monday trade. We continue to sell upward pressure on longer dated JGB yields. We have upper house elections later this week. Local news wires noted that the ruling bloc may struggle to keep its majority (FNN ANALYSIS via BBG).
South Korea's Kospi is showing modest outperformance, up +0.40%, near 3190 in index terms. The sell-side consensus remains for higher Kospi levels, with Goldman's upgrading its target, while J.P. Morgan stated the index could get to 5000 within the next few years.
Taiwan markets are struggling for further upside, with the Taiex down around 0.70% at this stage.
The ASX 200 is around flat. In SEA, aggregate moves aren't large at this stage. Thailand, Indonesia and Philippines markets are all in the green.

OIL: Little Reaction To Rumours Around Ukraine Weapons Plan

The Asia-Pac range for the CLQ5(WTI) contract was $68.41 - $68.95, it is currently trading around $68.50 in the Asia-Pac session. “In futures markets, oil rose a second day as President Donald Trump declared 30% tariffs on imports from the European Union and Mexico over the weekend, ahead of a “major statement” on Russia.” - BBG

MNI RUSSIA: Kremlin Waits On Trump Statement As US Pres Could Use PDA For Weapons. Kremlin spox Dmitry Peskov, speaking to reporters, says that regarding US President Donald Trump's comments regarding a "major statement" on Russia to be delivered on 14 July, "We are waiting for it, [we] want to understand what he meant."
Axios via (BBG) - Trump To Announce 'Aggressive' Ukraine Weapons Plan : Headlines have crossed from Axios that US President Trump will announce an 'aggressive' Ukraine weapons plan Monday. "President Trump will announce a new plan to arm Ukraine on Monday that is expected to include offensive weapons, two sources with knowledge of the plans tell Axios."
The Real Fly on X: SEN GRAHAM: "A turning point regarding Russia's invasion of Ukraine is coming...I expect, in the coming days, you will see weapons flowing at a record level to help Ukraine defend themselves".
Brent for September settlement is trading at $70.49 a barrel on the ICE Futures in Asia.

Fig 1: WTI Crude Future Hourly Chart

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

GOLD: Steady Today After Friday Strong Gain

Gold is little changed in today’s Asia-Pac session, after closing ~1% higher at $3355.59 on Friday.

This came despite US tsys finishing Friday’s session with a bear-steepener. Higher rates are typically negative for gold, which doesn’t pay interest. Cash US tsys are slightly mixed in today's Asia-Pac session, with yields 1bp lower to 1bp higher.
(Bloomberg) – “Gold has a raft of supportive drivers, from central-bank buying and investor inflows into exchange-traded funds to concerns about the trade war and, separately, the US fiscal outlook.”
“Central banks and other institutions accumulated about 77 tons of gold on average each month from January through to May, according to Goldman Sachs Group Inc., which maintained forecasts for bullion to rally to fresh records in the coming quarters.”
Mounting pressure on Federal Reserve Chair Jerome Powell continues, with President Donald Trump criticising his monetary policy approach as overly restrictive.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
14/07/2025	0600/0800	***	SE	Final Inflation Report
14/07/2025	-	***	CN	Money Supply
14/07/2025	-	***	CN	New Loans
14/07/2025	-	***	CN	Social Financing
14/07/2025	1230/0830	**	CA	Wholesale Trade
14/07/2025	1500/1700		EU	ECB Cipollone At EU Parliament
14/07/2025	1530/1130	*	US	US Treasury Auction Result for 26 Week Bill
14/07/2025	1530/1130	*	US	US Treasury Auction Result for 13 Week Bill
15/07/2025	2301/0001	*	GB	BRC-KPMG Shop Sales Monitor
15/07/2025	0200/1000	***	CN	GDP
15/07/2025	0200/1000	***	CN	Fixed-Asset Investment
15/07/2025	0200/1000	***	CN	Retail Sales
15/07/2025	0200/1000	***	CN	Industrial Output
15/07/2025	0200/1000	**	CN	Surveyed Unemployment Rate M/M
15/07/2025	0700/0900	***	ES	HICP (f)
15/07/2025	0900/1100	**	EU	Industrial Production
15/07/2025	0900/1100	***	DE	ZEW Current Expectations Index
15/07/2025	1230/0830	***	CA	CPI
15/07/2025	1230/0830	**	CA	Monthly Survey of Manufacturing
15/07/2025	1230/0830	**	US	Empire State Manufacturing Survey
15/07/2025	1230/0830	***	US	CPI
15/07/2025	1230/0830	***	US	CPI
15/07/2025	1255/0855	**	US	Redbook Retail Sales Index
15/07/2025	1300/0900	*	CA	CREA Existing Home Sales
15/07/2025	1315/0915		US	Fed Vice Chair Michelle Bowman