Highlights of the week 

• US CPI and PPI test inflation persistence. 
• ECB and BoC decisions drive rate divergence. 
• UK GDP and Japan GDP shape growth risk. 

What Now 

This week is mainly a test of whether inflation is still strong enough to keep central banks restrictive despite softer growth signals. In the US, CPI and PPI are the key drivers after headline CPI rose to 3.8% from 3.3% MoM. Firm inflation would support US front-end yields and the dollar, while a clear cooling would revive rate-cut expectations and support bonds and gold.   

In Europe, higher inflation strengthens the case for a hawkish ECB tone, but because the pressure is mainly energy-led, it is not automatically positive for the euro.   

The Bank of Canada is likely to stay patient at 2.25% as domestic momentum remains weak, so CAD may struggle if the USD stays firm.  

Market Events and Announcements (GMT+3) 

Monday, June 8, 2026 

• 02:50 – Japan (JPY) – GDP QoQ for Q1, previous 0.50 percent 

Tuesday, June 9, 2026 

• 17:00 – United States (USD) – Existing Home Sales for May, previous 4.02 million 

Wednesday, June 10, 2026 

• 15:30 – United States (USD) – CPI MoM for May, previous 0.60 percent 

• 15:30 – United States (USD) – Core CPI MoM for May, previous 0.40 percent 

• 15:30 – United States (USD) – CPI YoY for May, previous 3.80 percent 

• 16:45 – Canada (CAD) – BoC Interest Rate Decision, previous 2.25 percent 

• 20:00 – United States (USD) – 10-Year Note Auction, previous 4.47 percent 

Thursday, June 11, 2026 

• 15:15 – Eurozone (EUR) – Deposit Facility Rate for June, previous 2.00 percent 

• 15:15 – Eurozone (EUR) – ECB Interest Rate Decision for June, previous 2.15 percent 

• 15:30 – United States (USD) – PPI MoM for May, previous 1.40 percent 

• 15:30 – United States (USD) – Initial Jobless Claims 

• 15:45 – Eurozone (EUR) – ECB Press Conference 

Friday, June 12, 2026 

• 09:00 – Germany (EUR) – German CPI MoM for May, previous minus 0.20 percent 

• 09:00 – United Kingdom (GBP) – GDP MoM for April, previous 0.30 percent