- At 02:30 GMT, Japanese Finance Minister Shun’ichi Suzuki commented he is watching FX moves with a high sense of urgency. Though this time the impact resulted in a pickup in devaluation for the Japanese Yen. Markets expected to see action this Friday, not more words and same messages.
- At 12:30 GMT, the Personal Consumption Expenditures (PCE) for May will be released. Most important will be the monthly figures:
- Headline PCE expected to head from 0.3% to 0.0%.
- Core PCE should have a soft landing from 0.2% to 0.1%.
- At 13:45 GMT, Chicago Purchase Managers Index will be released. The number is expected to remain in contraction from 35.4 to 40.
- At 14:00 GMT the University of Michigan will release June’s final reading:
- Sentiment Index expected to head from 65.6 to 65.8.
- Inflation expectations should remain stable at 3.1%.
- Equities have chosen to go out with a bang, and are printing green numbers across the globe.
- The CME Fedwatch Tool is broadly backing a rate cut in September despite recent comments from Federal Reserve (Fed) officials. The odds now stand at 57.9% for a 25-basis-point cut. A rate pause stands at a 35.9% chance, while a 50-basis-point rate cut has a slim 6.2% possibility.
- The Overnight indexed Swap curve for Japan shows a 57.9% chance of a rate hike on July 31, and a smaller 19.8% chance for a hike on September 20.
- The US 10-year benchmark rate trades around the middle of this week’s range near 4.30%.
- The benchmark 10-year Japan Treasury Note (JGB) trades around 1.05%, and is easing a touch for this week
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