Brown Brothers Harriman’s (BBH) Elias Haddad notes that Swiss inflation remains comfortably within the Swiss National Bank's (SNB) price stability definition, with May Consumer Price Index (CPI) expected to stay subdued.

BNP Paribas projects Eurozone Gross Domestic Product (GDP) growth slowing from 1.5% in 2025 to 1.0% in 2026 and 1.3% in 2027, with inflation rebounding to 3.0% and 3.3%. Activity is seen withstanding the energy shock thanks to investment in defence, AI and electrification.

The Euro (EUR) holds marginal losses against the US Dollar (USD) on Monday, although the EUR/USD pair remains steady right below the top of the last two weeks' range, at the 1.1660 area.

Societe Generale analysts note recent relief for the Indian Rupee after aggressive RBI intervention to keep it below 95.00. Focus is on Friday’s policy decision, with a 25 bp hike seen as possible given regional tightening.

Deutsche Bank analysts highlight that Brent Oil has seen sharp moves as markets react to prospects for a US-Iran deal. Brent crude fell 19.3% in May, its biggest drop since March 2020, and declined 11.1% last week as ceasefire hopes grew.

Commerzbank’s Tatha Ghose highlights that a downside surprise in Poland’s May flash Consumer Price Index (CPI) contrasts with earlier Czech inflation acceleration that had pointed to Czech National Bank (CNB) tightening on 18 June.

Silver prices (XAG/USD) rose on Monday, according to FXStreet data. Silver trades at $75.95 per troy ounce, up 0.89% from the $75.28 it cost on Friday.

Brown Brothers Harriman (BBH) strategist Elias Haddad highlights that the Canadian Dollar (CAD) underperformed as weaker Oil and an unexpected technical recession hit sentiment.

Iran’s Parliament Speaker Mohammad Bagher Ghalibaf has stated through a post on X, formerly known as Twitter, that the United States (US) naval blockade on Iranian sea ports and Israeli attacks on Lebanon could have severe consequences.

BNP Paribas expects UK economic growth to slow to 0.7% in 2026 from 1.4% in 2025, with quarterly momentum dropping to about 0.1%. Inflation is projected to rise to 3.4% before easing only gradually, keeping it above the BoE target.

EUR/CAD extends its gains for the second successive day, trading around 1.6110 during the European hours on Monday. The currency cross remains stronger following the release of German Retail Sales data, which fell 0.3% month-on-month (MoM), while it was expected to have declined 0.4%.

Eurozone Unemployment Rate registered at 6.3% above expectations (6.2%) in April

Danske Research Team notes that revised Swedish national accounts data point to stronger historical growth but slightly weaker current momentum. Q1 GDP declined quarter-on-quarter but rose year-on-year, with weakness driven by government consumption and investment.

The US Dollar (USD) shows marginal gains on Monday, with risk appetite fading as tensions in the Middle East escalate and oil prices rise.

The latest survey by the European Central Bank (ECB) of consumer inflation expectations shows that one-year forward inflation projections remain steady at 4%.

Bitcoin (BTC) edges below $73,000 at press time on Monday, extending its decline under the prevailing downside pressure from three consecutive weeks of losses.

MUFG’s Derek Halpenny notes the US Dollar is broadly stable at the start of June as markets watch US-Iran negotiations and a busy US data calendar.

Iran's Foreign Ministry spokesperson Esmail Baghaei said in the European session on Monday that ‘aggressive action' by the United States (US) is a ceasefire violation, and it led Iranian armed forces to target positions from which US attacks originated.

United Kingdom S&P Global Manufacturing PMI up to 53.9 in May from previous 53.7

Dow Jones futures advance 0.10% to near 51,130, while S&P 500 futures gain 0.22% toward 7,580. Meanwhile, Nasdaq 100 futures rises 0.48%, trading near 30,550 during the European hours on Monday, ahead of the US regular opening.

The British Pound (GBP) trades higher against its major currency peers, but is broadly flat around 1.3455 against the US Dollar (USD), during the European trading session on Monday.

Eurozone M3 Money Supply (3m) fell from previous 3.2% to 3% in April

Eurozone Private Loans (YoY) meets forecasts (3%) in April

Eurozone HCOB Manufacturing PMI above expectations (51.4) in May: Actual (51.6)

Eurozone M3 Money Supply (YoY) came in at 2.7%, below expectations (3.3%) in April

Crude prices are trading higher on Monday, with the barrel of the US benchmark West Texas Intermediate (WTI) changing hands at $89.40 at the time of writing, nearly $3 higher than last week’s closing price.

Rabobank's Senior US Strategist Philip Marey updates his United States (US) and Federal Reserve (Fed) outlook, highlighting a shift by the FOMC away from an easing bias ahead of Warsh’s first meeting. Marey notes that developments in the Middle East are likely to keep energy prices elevated.