United States Goods Trade Balance declined to $-105.89B in May from previous $-105.8B

Royal Bank of Canada (RBC) economist Claire Fan notes that the Q2 2026 Bank of Canada Business Outlook Survey showed resilient sales and investment expectations despite earlier Oil price shocks.

ING economists Rafal Benecki and Adam Antoniak argue that reduced prospects of further tightening by the European Central Bank (ECB) and Federal Reserve (Fed) should ease external pressure on the Zloty.

United States Redbook Index (YoY): 11.5% (July 3) vs 10.5%

United States Goods and Services Trade Balance above expectations ($-78B) in May: Actual ($-77.6B)

Canada Exports up to $77.1B in May from previous $75.16B

Canada International Merchandise Trade registered at $4.24B above expectations ($2.7B) in May

Canada Imports climbed from previous $72.44B to $72.86B in May

Private-sector hiring in the US has further cooled in late June. According to the NER Pulse, the weekly companion to the ADP National Employment Report, companies added an average of 20K jobs per week in the four weeks ending June 20.

United States ADP Employment Change 4-week average down to 21K in June 13 from previous 30.75K

Frantisek Taborsky at ING highlights Hungarian inflation falling to 1.7%, below market and National Bank of Hungary (NBH) forecasts, cementing rate cuts in July and August. Markets price around 150bp of easing and a 4.50% terminal rate, with scope for additional cuts.

RaboResearch Global Economics & Markets discusses how the Federal Reserve’s new task force on inflation frameworks under Chair Warsh may elevate trimmed inflation in policy decisions.

BNP Paribas analysts assess recent European Central Bank (ECB) communication from Sintra, highlighting Christine Lagarde’s cautious stance and shift toward “framework guidance” in a volatile environment.

Singapore Foreign Reserves (MoM) declined to 426.2B in June from previous 430.1B

Frantisek Taborsky at ING highlights Hungarian inflation falling to 1.7%, below market and National Bank of Hungary (NBH) forecasts, cementing rate cuts in July and August. Markets price around 150bp of easing and a 4.50% terminal rate, with scope for additional cuts.

Spain 12-Month Letras Auction: 2.5% vs previous 2.543%

Spain 6-Month Letras Auction climbed from previous 2.376% to 2.385%

China Foreign Exchange Reserves (MoM) came in at $3.416T, below expectations ($3.44T) in June

Francesco Pesole at ING argues that Marine Le Pen’s eligibility ruling matters more for French politics than markets, as investors have largely priced in a National Rally (RN) victory under Le Pen or Bardella with fiscal prudence.

European Central Bank (ECB) policymaker and Governor of the Bank of Italy, Fabio Panetta, said during the European trading session on Tuesday that upside risks to inflation in the Eurozone economy remain intact, as the governance of the Strait of Hormuz, a critical chokepoint to almost 20% of global

Iran’s Foreign Minister Abbas Araghchi has warned through a post on X, formerly known as Twitter, that the deal with United States (US) could be hampered if the nation continues with its threats. “Negotiations on a final deal will not commence if threats continue.

BNY Markets’ John Velis and David Tam examine upcoming Federal Open Market Committee (FOMC) minutes from Kevin Warsh’s first meeting as Chair.

Switzerland Foreign Currency Reserves rose from previous 711B to 759B in June

Austria Wholesale Prices n.s.a (MoM) declined to -0.7% in June from previous 0.1%

Austria Wholesale Prices n.s.a (YoY) declined to 5.4% in June from previous 6.9%

France Trade Balance EUR came in at €-6.9B, below expectations (€-5.2B) in May

France Imports, EUR climbed from previous €60.225B to €60.5B in May

France Exports, EUR dipped from previous €54.585B to €53.6B in May

Deutsche Bank strategists note that the S&P 500 reached a three-week high as chip stocks rebounded, led by gains in the Philly semiconductor index and Broadcom after its expanded Apple partnership.

Germany Industrial Production n.s.a. w.d.a. (YoY) climbed from previous -0.5% to 0.1% in May