MNI EUROPEAN OPEN: US Attack Plans On Iran In Focus

Jun-19 05:28By: Jamie Grant

Europe

EXECUTIVE SUMMARY

POWELL SIGNALS WILLINGNESS TO HOLD RATES : MNI
POWELL: JOB MARKET NOT ‘CRYING OUT’ FOR RATE CUTS - MNI
TRUMP APPROVES IRAN ATTACK PLAN - BBC
NZ GDP Grows 0.8% Q/Q:- MNI

Fig 1: NZ GDP Quarterly and Annual Growth Rates

Source: MNI - Market News/Stats NZ

MIDDLE EAST

ISRAEL - IRAN CONFLICT (BBC): "Donald Trump has approved plans to attack Iran, but has not made a final decision on whether to strike the country, the BBC's US partner CBS reports. The US president held off on initiating strikes in case Iran agreed to abandon its nuclear program, a senior intelligence source told CBS. Trump is reportedly considering a US strike on Fordo, an underground uranium enrichment facility in Iran."

TARIFFS (BBC): "The UK’s efforts to secure relief for steel exports to the US were likely to be wrapped into broader tariff negotiations, Business Secretary Jonathan Reynolds said, in remarks that may dampen expectations for an imminent deal. "

TRADE (POLITICO): “While expectations for trade agreements were low heading into this week’s G7 summit, the confab of world leaders in the Canadian Rockies yielded no apparent progress between the U.S. and major trading partners like the European Union and Japan.”

EU (POLITICO): “The EU executive is considering transferring almost €200 billion of frozen Russian state assets held in Belgium into a new, riskier investment fund that would pay out higher interest, four officials with knowledge of proceedings told POLITICO.”

FRANCE (POLITICO): “France is planning to put forward a proposal with its European partners to resolve the conflict between Israel and Iran amid fears of a regional escalation.”

NATO (POLITICO): “NATO Secretary-General Mark Rutte, who took over as NATO chief last October, plans to eliminate two divisions and cut dozens of positions at headquarters in Brussels, three current NATO officials and one former senior official told POLITICO.”

SPAIN (EUROWEEKLY): “Spain’s Prime Minister Pedro Sánchez continues to be embroiled in a corruption scandal that leaves him clinging on to his political survival.”

CZECH (POLITICO): “Czech government survives no-confidence vote over bitcoin scandal. PM Petr Fiala defeats an opposition motion to topple his administration months before scheduled elections.”

FED: (MNI FED WATCH) Federal Reserve Chair Jerome Powell signaled Wednesday the FOMC is prepared to hold interest rates where they are until the effects of tariffs on inflation, jobs and growth are more evident in the economic data. Three months of favorable inflation readings since February is welcome news, the Fed chair said, but fresh FOMC projections showed the median official expects headline and core inflation to end the year three-tenths higher than he or she did in March, rising to 3.0% and 3.1%, respectively.

FED: (MNI BRIEF) Powell-Job Market 'Not Crying Out' For Rate Cuts. "The economy seems to be in solid shape. So the labor market's not crying out for a rate cut," he told reporters during a press conference. "You don't really see unemployment going up. You don't see increased slack. You're at 4.2% unemployment. For many years, that was an extremely low level. It happens to have come up off of an even lower level."

FED: (MNI BRIEF) Powell See’s Bigger Tariff Boost to Inflation. "We've had goods inflation just moving up a bit. We do expect to see more of that over the course of the summer. It takes some time for tariffs to work their way through the chain of distribution to the end consumer," Powell told reporters during his post-meeting press conference. "A good example of that would be goods being sold at retailers today may have been imported several months ago before tariffs were imposed."

JAPAN

TANKAN: (MNI BRIEF) The Bank of Japan’s June Tankan survey will likely show a decline in business sentiment from three months ago, though capital investment plans by major firms for the current fiscal year are expected to be revised up in line with typical seasonal trends, according to economists. U.S. tariffs, elevated costs, and persistent uncertainty is weighing on sentiment, particularly among manufacturers.

JAPAN (BBG): "Japan’s finance ministry is considering trimming its issuance of super-long bonds starting in July, according to a draft of a revised bond issuance plan seen by Bloomberg."

OTHER

AUSTRALIA (MNI BRIEF) : Australia’s unemployment rate in May printed at 4.1%, unchanged from April and inline with expectations, while employment contracted by 2,500, below the 21,000 roles expected and down from April’s 89,000 result, data from the Australian Bureau of Statistics showed Thursday. "Despite employment falling by 2,000 people this month, it’s up 2.3% compared to May 2024, which is stronger than the pre-pandemic, 10-year average annual growth of 1.7%,” said Sean Crick, head of labour statistics at the ABS. "This fall in employment, combined with a drop in unemployment of 3,000 people, meant that the unemployment rate remained steady at 4.1% for May."

NEW ZEALAND (MNI BRIEF): NZ GDP Grows 0.8% Q/Q: The New Zealand economy grew 0.8% q/q in Q1, 10 basis points higher than the previous quarter, data from Stats NZ showed Thursday. The print was also 10bp higher than market expectations. The economy shrunk 0.7% on a yearly basis. “Expenditure on GDP rose 0.9% in the March 2025 quarter, following a 0.6% rise in the December 2024 quarter," Stats NZ noted. "Expenditure on GDP fell 0.9% over the year ended March 2025 compared with the year ended March 2024.” Reserve Bank of New Zealand Chief Economist Paul Conway told MNI in May following the board’s split decision to lower the official cash rate 25bp to 3.25% that uncertainty over the outlook for inflation will continue.

CANADA (MNI BRIEF): BOC Says Sentiment Remains Low; Trend CPI Above 2%. Bank of Canada Governor Tiff Macklem told reporters Wednesday the more real-time sentiment indicators officials have focused on through the shifting U.S. trade dispute remain near a low point and regular core inflation measures appear to be overstating price gains, signals in line with his view he may cut rates again later this year. The economy has shown some resilience as Donald Trump imposed tariffs but sentiment fell off as trade tensions escalated and "are still low by any standard," Macklem said in response to a question from MNI.

BRAZIL (MNI WATCH) : The Central Bank of Brazil signaled Wednesday its latest 25bps interest rate hike to 15% likely marks the end of the tightening cycle barring an unforeseen worsening inflation.

CHINA

MNI China Press Digest June 19: Logistics, Premier Li, Yuan

MNI: PBOC Net Injects CNY84.2 Bln via OMO Thursday

MNI (BEIJING) - The People's Bank of China (PBOC) conducted CNY203.5 billion via 7-day reverse repos, with the rate unchanged at 1.40%. The operation led to a net injection of CNY84.2 billion after offsetting the maturity of CNY119.3 reverse repo today, according to Wind Information.

The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.5105% at 10:00 am local time from the close of 1.5267% on Wednesday.
The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, closed at 50 on Wednesday, compared with the close of 47 on Tuesday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.

MNI: PPBOC Sets Yuan Parity Lower At 7.1729 Thurs; +1.06% Y/Y

MNI (BEIJING) - The People's Bank of China (PBOC) set the dollar-yuan central parity rate lower at 7.1729 on Thursday, compared with 7.1761 set on Tuesday. The fixing was estimated at 7.1905 by Bloomberg survey today.

MARKET DATA

NEW ZEALAND 1Q GDP YOY -0.7% EST -0.8% PRIOR -1.3% REVISED
NEW ZEALAND GDP 1Q SA QOQ 0.8% EST. 0.7% PRIOR 0.5% REVISED

AUSTRALIA EMPLOYMENT CHANGE MAY -2.5k EST 21.2k PRIOR 87.6k REVISED
AUSTRALIA UNEMPLOYMENT RATE MAY 4.1% EST 4.1% PRIOR 4.1%
AUSTRALIA FULL TIME EMPLOYMENT CHANGE 38.7k PRIOR 58.6k REVISED
AUSTRALIA PART TIME EMPLOYMENT CHANGE -41.1k PRIOR 29.0k REVISED
AUSTRALIA PARTICIPATION RATE 67.0% EST 67.1% PRIOR 67.1%

CHINA SWIFT GLOBAL PAYMENTS CNY MAY +2.9%; APR. +3.5%

MARKETS

US TSYS: Asia Wrap - TYU5 Slightly Higher

The TYU5 range has been 110-23+ to 110.30 during the Asia-Pacific session. It last changed hands at 110-27+, up 0-02 from the previous close.

Cash Market Closed
(Bloomberg) -- “Macquarie Group moved its forecast for the next Federal Reserve interest-rate cut to December, after previously seeing no reductions this year. The firm now sees one cut in 2026, also by a quarter-point. “We continue to anticipate 50 bps of cuts ahead, but bring forward our timing slightly. Tolerance for higher core PCE could pave the way for a 2025 cut.”
“The willingness of FOMC participants to continue to project 50 bps of cuts despite projecting more elevated core PCE inflation leads us to shift our baseline view for the timing of rate cuts ahead.”
“Foreign investors' holdings of US Treasuries totaled $9.01 trillion in April, the second-highest figure on record, despite market turmoil.”(BBG)
The 10-year yield continues to find decent supply back towards its 4.30/35% support, this area needs to hold if yields are to move higher. The range looks to be 4.30% - 4.60% for now a break either side would provide a clearer direction.
Data/Events: Philadelphia Fed Business Outlook, Leading Index

JGBS: 5Y Leads Yields Lower, MoF Considering Cutting LT Issuance

JGB futures surged higher in the Tokyo afternoon session, +42 compared to settlement levels, after news that the MoF is considering trimming its issuance of super-long bonds starting in July. A draft of a revised bond issuance plan was seen by Bloomberg.

“The ministry is set to propose cutting issuance of 20-, 30- and 40-year bonds by ¥100 billion ($690 million) each per auction through the end of March 2026, the draft plan showed Thursday. To offset the decrease, the ministry is considering increasing issuance of 2-year bonds and other shorter-dated debts." – BBG
There has been no cash US tsy trading today due to a holiday. TYU5 is slightly stronger than closing levels
Cash JGBs are flat to 4bps richer, with the 5-year leading after today’s supply.
Today’s 5-year JGB auction showed mixed signals on demand. The low price came in below expectations at 100.05, but other indicators were notably strong. The bid-to-cover ratio surged to 4.5783x—the highest since 2023—up from 3.1894x, while the tail narrowed slightly to 0.05 from 0.06, both pointing to improved bidding interest.
Swap rates are ~1bp lower. Swap spreads are wider.
Tomorrow, the local calendar will see Natl CPI alongside a speech by BoJ Governor Ueda at the National Shinkin Bank Convention.

AUSSIE BONDS: Modest Bull-Flattener, Subdued Session Despite Jobs Data

ACGBs (YM +1.0 & XM +3.5) sit slightly stronger after dealing in narrow ranges.

While headline new jobs were softer than expected, the details remained quite strong and signalled no easing in labour market conditions. Employment fell 2.5k but full-time jobs increased 38.7k.
The RBA looks beyond headline employment and unemployment rate data to gauge labour market developments. In terms of these indicators, underemployment fell in May, and hours worked rose. However, vacancies-to-unemployment trended lower, and the youth unemployment rate rose. The mixed data suggest that, like the Q2 averages, there was no material shift in labour market conditions this quarter.
There was no cash US tsys today due to a holiday. TYU5 is slightly stronger than closing levels.
Cash ACGBs are holding a modest bull-flattener, with yields 1-3bps lower.
The bill strip has twist-flattened, with pricing -3 to +2.
RBA-dated OIS pricing is 1-3bps firmer across meetings after the data. A 25bp rate cut in July is given a 76% probability, with a cumulative 71bps of easing priced by year-end.
Tomorrow, the local calendar will be empty.
The AOFM plans to sell A$800mn of the 1.00% 21 December 2030 bond tomorrow.

BONDS: NZGBS: Closed With A modest Bull-Flattener Despite GDP Beat

NZGBs closed with modest gains, benchmark yields 1-2bps lower, after reversing the initial reaction to stronger-than-expected Q1 GDP data.

Q1 NZ production-based GDP was stronger than expected, rising 0.8% q/q, resulting in the annual rate falling 0.7% y/y but up from the downwardly-revised -1.3% in Q4.
Expenditure GDP rose 0.9% q/q, the fastest since Q2 2023, to be down 0.2% y/y after -1.1% in Q4. Growth in Q1 was fairly broad-based and substantially above the RBNZ’s May forecast. While it is backwards-looking data, it may allow the central bank to pause in July, especially given the pickup in inflation.
Today’s supply saw solid demand metrics, with cover ratios around 3.50x across lines.
There is no cash US tsys today due to a holiday. TYU5 is little changed from closing levels.
Swap rates closed flat to 2bps lower.
(Bloomberg) -- Citi pushes back its forecast for an RBNZ interest rate cut to August 20 from July 9, citing better-than-expected GDP figures and the stance taken by Governor Christian Hawkesby last month.
RBNZ dated OIS pricing closed little changed across meetings. 4bps of easing is priced for July, with a cumulative 25bps by November 2025.
Tomorrow, the local calendar will be empty.

FOREX: Asia FX Wrap - USD Bounce Needs Confirmation Of US Entering The Conflict

The BBDXY has had a range of 1209.02 - 1212.22 in the Asia-Pac session, it is currently trading around 1211. "CHINA'S XIE: BENEFITS OF US-CHINA TRADE "GENERALLY BALANCED, PROTECTIONISM NO BETTER THAN DRINKING POISON WHEN THIRSTY, CURRENT US TARIFFS ON CHINA STILL `UNREASONABLY HIGH'' - BBG

EUR/USD - Asian range 1.1451 - 1.1489, Asia is currently trading 1.1465. 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. Price action does not look great in the short-term with a potential false break above 1.1500/1.1600.
GBP/USD - Asian range 1.3387 - 1.3433, Asia is currently dealing around 1.3405. The GBP looks to have failed in its attempts to break above the Weekly 1.35/36 pivot. First support is seen around the 1.3400 area, a sustained move back below here and we could see a deeper correction unfold.
USD/CNH - Asian range 7.1919 - 7.1975, the USD/CNY fix printed 7.1729. Asia is currently dealing around 7.1935. Sellers should be around on bounces while price holds below the 7.2500 area and the PBOC manages the fix lower.
Cross asset : SPX -0.20%, Gold $3373, TYU5 110-28, BBDXY 1211, Crude oil $75.09
Data/Events : Spain Home Sales, EZ Construction Output,

Fig 1: GBP/USD Spot Hourly Chart

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

JPY: Asia Wrap - USD/JPY Can't Move Lower With Risk

The Asia-Pac USD/JPY range has been 144.74 - 145.22, Asia is currently trading around 145.00. USD/JPY has drifted sideways in a muted Asian session. USD/JPY continues to find demand on dips back to 144.00/50 in the short-term, the wider range continues to hold.

JAPAN DATA - Local Investors Offshore Bond Purchases Rebound : The standout from last week's offshore weekly investment flows was a surge in Japan buying of overseas bonds, see the table below. The near 1.6trln in net purchases was the largest since mid May and ends a run of consecutive weeks of outflows in this space.
Elsewhere, Japan investors sold overseas equities for the 5th straight week, albeit in reduced sized compared to the prior week.
USD/JPY again found decent demand overnight back around the 144.50 area. This price action stands out considering the risk backdrop and shows a market that is already very long JPY. A break below 144.00 is needed to see a move to the lower end of the range.
Price is comfortable in its recent 142.00 - 146.00 range and will need a break either side of that to get a clearer direction.
The market is clearly looking for a move lower in USD/JPY but with positioning quite large now we have seen the risk of pullbacks increase. A break above 146.00/50 would be needed to challenge the conviction of any shorts.
Options : Close significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 146.00($1.92b June 20), 143.00($925m June 20)

Fig 1 : USD/JPY Spot Hourly Chart

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

AUD: Asia Wrap - AUD/USD Edges Lower

The AUD/USD has had a range of 0.6476 - 0.6511 in the Asia- Pac session, it is currently trading around 0.6490. The AUD has edged lower in our session -0.28%. All eyes are focused on the potential entry of the US into the Israel-Iran Conflict.

AU DATA: Q2 Labour Market Conditions Little Changed. While headline new jobs were softer than expected, the details remained quite strong and signalled no easing in labour market conditions. Employment fell 2.5k but full-time jobs increased 38.7%, hours worked rose sharply and underemployment fell. The unemployment rate was stable at 4.1%, the fifth straight month. The data is consistent with the RBA remaining cautious.
(Bloomberg) -- “US Preparing Strike On Iran In Coming Days. Headlines have crossed this morning that the US is preparing for possible strikes on Iran in coming days, with the weekend being eyed. The article stressed that the situation is evolving and plans could change.”
The AUD/USD looks short-term to be comfortable in a 0.6450-0.6550 range as the market waits for more clarity on the Middle East and any confirmation of the US joining the fray.
Price remains in the wider 0.6350 - 0.6550 range for now, a sustained break above 0.6550/0.6600 is needed for the move higher to accelerate.
Technically buyers should continue to be around on dips while the support in the AUD/USD holds, a close back below 0.6350/00.6400 would start to see bulls be challenged.
Options : Closest significant option expiries for NY cut, based on DTCC data: 0.6600(AUD1.15b), 0.6460(AUD708m). Upcoming Close Strikes : 0.6650(AUD 708m June 20), 0.6372(AUD 555m June 20)
AUD/JPY - Today's range 93.81 - 94.51, it is trading currently around 94.15.Choppy price action as the pair establishes a range between 92.00 - 96.00. 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/USD spot Hourly Chart

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

NZD: Asia Wrap - NZD/USD Has A Look Below 0.6000

The NZD/USD had a range of 0.5983 - 0.6041 in the Asia-Pac session, going into the London open trading around 0.5995, -0.55%. The NZD has had a decent move lower in our session as risk turns lower with the potential entry of the U.S. into the Middle East conflict. Price has broken below its recent 0.6000 support and would have triggered any stops lingering just below that level. It feels like the market is waiting for confirmation of the US military committing itself to the war effort before deciding how to deploy risk. In that scenario can the NZD follow through on this break below 0.6000 before we have that information ?

NEW ZEALAND: Q1 Growth Materially Stronger Than RBNZ Forecast. Q1 NZ production-based GDP was stronger than expected rising 0.8% q/q resulting in the annual rate falling 0.7% y/y but up from the downwardly-revised -1.3% in Q4. Expenditure GDP rose 0.9% q/q, the fastest since Q2 2023, to be down 0.2% y/y after -1.1% in Q4. Growth in Q1 was fairly broad based and substantially above the RBNZ’s May forecast. While it is backward-looking data, it may allow the central bank to pause in July especially given the pickup in inflation.
(Bloomberg) -- “Citi pushes back its forecast for an RBNZ interest rate cut to August 20 from July 9, citing better-than-expected GDP figures and the stance taken by Governor Christian Hawkesby last month. “
The NZD is attempting to break back below the 0.6000 area, a sustained break back below here and we could see a deeper pullback towards 0.5850 so watch to see if NZD/USD can reclaim 0.6000 in the overnight session.
Technically while the support around 0.5850 holds in NZD/USD there should be buyers around on dips towards this area. A clear sustained break above 0.6050/0.6100 is needed for the pair to get momentum to push higher.
Options : Closest significant option expiries for NY cut, based on DTCC data: none. Upcoming Close Strikes : 0.5830(NZD300m June 23), 0.5755(NZD300m June20)
AUD/NZD range for the session has been 1.0788 - 1.0828, currently trading 1.0820. The cross has broken the multiple tops around 1.0800, if price can hold this break it would put a higher low in place on the Daily chart, and focus will return to the more important 1.0900 area once more.

Fig 1: NZD/USD Spot Hourly Chart

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

ASIA STOCKS: Middle East Tensions Weigh Heavy on Stocks

Most major bourses were down today as stories suggest that President Trump has approved US attacks on Iran, a move seen to further escalate the middle east conflict. With limited key data out in the region and financial markets waiting for the Federal Reserve decision on rates, the path of least resistance was lower.

The Hang Seng led China's bourses lower for a third straight day falling by -2.00%. The CSI 300 followed falling by -0.78%, Shanghai Comp was down -0.86% and Shenzhen fell -1.27%.
The KOSPI has been a standout of late in delivering gains but this could not hold up today as slipped only marginally by -0.08%.
The FTSE Malay KLCI fell -0.58% and is down over -1.5% in its last five trading days.
The Jakarta Composite fell heavily by -1.3% following the Central Bank's decision yesterday.
The FTSE Straits Times fell by -0.28% and the PSEi in the Philippines eked out minor gains of +0.18% ahead of the decision by the BSP on rates.
The NIFTY 50 in India is barely in the positive in morning trade, up just +0.08%

OIL: Crude Watching & Waiting Middle East Situation

Oil is little changed today continuing to hold onto gains made since Friday as the situation in the Middle East remains tense and uncertain. Currently the main impact on oil from the conflict is on shipping but concerns are heightened that supply could be more severely impacted if Israel strikes Iran’s main export hubs or if Iran blocks the Strait of Hormuz. Israel and Iran continue to strike each other’s territory.

WTI is down slightly to $73.48/bbl after falling to $72.63 earlier, while Brent is 0.2% lower at $76.52/bbl off the intraday low of $75.67. The USD is slightly higher.
Goldman Sachs is assuming that the geopolitical risk premium on Brent is around $10/bbl, according to Bloomberg, but expects it to fall to $60 in Q4 assuming no supply issues.
US President Trump said on Wednesday that he has approved a plan but is still hoping that Tehran will agree to abandon its nuclear programme. However, supreme leader Khamenei said they would “never surrender” in response to Trump’s demand for an unconditional surrender. The market is nervously waiting to see if the US will act and in what capacity.
In a Bloomberg interview, the President of the API said that he doesn’t expect Iran to impact the Strait of Hormuz but given its situation the waterway should be monitored.
Later the SNB and BoE announce decisions. The ECB’s Lagarde, de Guindos and Buch speak. April euro area construction prints. The US is closed for a holiday.

GOLD: Higher Fed US Inflation Outlook Offsetting Middle East Risks

Gold has not benefited from the risk off move in equities from continued geopolitical uncertainty as the Fed signalled it is on hold for now and revised its inflation forecasts higher. Bullion has traded in a narrow range during today’s APAC session. It rose to a high of $3387.98/oz earlier, below initial resistance at $3451.3, but then trended lower to around $3370 remaining above initial support at $3344.8. It is currently up 0.1% to $3372.9. The USD index is also off its intraday peak to be up slightly.

50bp of easing by end 2025 is still in the Fed’s forecast. It wants to take more time to assess the impact of current uncertainties, particularly around trade, before deciding if it needs to change policy. The FOMC believes that tariffs will impact inflation as they are passed on through the chain but its concern is if it turns into an inflation problem.
Silver is down 0.2% to $36.67 off the intraday low of $36.60. It reached $36.78 earlier remaining below initial resistance at $37.32. The bull wave remains in place after breaking above the bull trigger at $34.90 as the metal has also benefited from safe-haven flows. Initial support is at $34.18, 20-day EMA.
Equities are generally weaker with the Hang Seng down 2.0% and S&P e-mini -0.2%. Oil prices are down slightly with WTI -0.1% to $73.42/bbl. Copper is 0.4% lower.
Later the SNB and BoE announce decisions. The ECB’s Lagarde, de Guindos and Buch speak. April euro area construction prints. The US is closed for a holiday.

UP TODAY (TIMES GMT/LOCAL)

Date	GMT/Local	Impact	Country	Event
19/06/2025	0730/0930	***	CH	SNB PolicyRate
19/06/2025	0730/0930	***	CH	SNB Interest Rate Decision
19/06/2025	0730/0930		EU	ECB's Lagarde On Economic and Financial Integration
19/06/2025	0800/1000	***	NO	Norges Bank Rate Decision
19/06/2025	0900/1100	**	EU	Construction Production
19/06/2025	0945/1145		EU	ECB de Guindos On Eurozone Economic Outlook
19/06/2025	1030/1230		EU	ECB Lagarde Keynote Speech At Economic Integration Conference
19/06/2025	1100/1200	***	GB	Bank Of England Interest Rate
19/06/2025	1100/0700	***	TR	Turkey Benchmark Rate
19/06/2025	1100/1200	***	GB	Bank Of England Interest Rate
19/06/2025	-		EU	ECB Cipollone At Eurogroup Meeting
19/06/2025	1600/1800		EU	ECB Lagarde At Financi'Elles event
20/06/2025	2301/0001	**	GB	Gfk Monthly Consumer Confidence
20/06/2025	2330/0830	***	JP	CPI
20/06/2025	0600/0700	***	GB	Public Sector Finances
20/06/2025	0600/0700	***	GB	Retail Sales
20/06/2025	0600/0800	**	DE	PPI
20/06/2025	0645/0845	**	FR	Manufacturing Sentiment
20/06/2025	-		EU	ECB de Guindos at ECOFIN Meeting
20/06/2025	1230/0830	*	CA	Industrial Product and Raw Material Price Index
20/06/2025	1230/0830	**	US	WASDE Weekly Import/Export
20/06/2025	1230/0830	**	US	Philadelphia Fed Manufacturing Index
20/06/2025	1230/0830	**	CA	Retail Trade