United States Net Long-Term TIC Flows came in at $103.1B, above forecasts ($75B) in April

United States Total Net TIC Flows down to $26.1B in April from previous $150.7B

Argentina Trade Balance (MoM) came in at $3504M, above expectations ($2200M) in May

European Central Bank (ECB) policymaker José Luis Escrivá said on Thursday that higher energy costs are spreading to services and transport, while warning that the inflation outlook remains highly uncertain for the European Union (EU) at a speech in Barcelona.

United States 4-Week Bill Auction fell from previous 3.595% to 3.58%

Deutsche Bank’s Sanjay Raja reviews the latest Bank of England decision, noting Bank Rate was held at 3.75% as expected. He highlights a more divided MPC on paper but a stronger consensus for a prolonged hold.

United States EIA Natural Gas Storage Change registered at 73B, below expectations (82B) in June 12

The Euro (EUR) is caught between a hawkish but isolated ECB, weaker regional growth prospects, and a US Dollar that is recoupling with interest-rate differentials. BNY, Rabobank, and Societe Generale all flag headwinds for the single currency, though each emphasizes a different transmission channel.

RaboResearch Global Economics & Markets discusses the Bank of England’s decision to keep Bank Rate at 3.75% with a 7–2 split, noting that two members preferred a 25bp hike. The sharp fall in energy prices suggests inflation may peak below earlier projections.

Nomura economists Josie Anderson, George Buckley, Andrzej Szczepaniak and David Seif note that Norges Bank kept its policy rate at 4.25% in June but delivered hawkish guidance and a higher rate path.

The European Central Bank (ECB) remains committed to maintaining a restrictive monetary policy stance in order to contain the inflationary impact of the energy shock, even under a milder economic scenario, according to Chief Economist Philip Lane comments reported by Reuters.

Canada Employment Insurance Beneficiaries Change (MoM) declined to -0.5% in April from previous 0.4%

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance shrank to 226K for the week ending June 13.

United States Continuing Jobless Claims above expectations (1.8M) in June 5: Actual (1.81M)

United States Philadelphia Fed Manufacturing Survey registered at 10.3 above expectations (10) in June

Canada Industrial Product Price (MoM) below expectations (1.8%) in May: Actual (1.2%)

United States Initial Jobless Claims above forecasts (225K) in June 12: Actual (226K)

United States Initial Jobless Claims 4-week average: 223.25K (June 12) vs 219K

Canada Raw Material Price Index registered at 0.7%, below expectations (1.1%) in May

Mexico Private Spending (YoY): 2.2% (1Q) vs previous 4%

Mexico Private Spending (QoQ) fell from previous 1% to -0.8% in 1Q

Nomura reports that the Swiss National Bank kept its policy rate at 0.00% in June and reiterated an increased willingness to intervene in FX markets if necessary to curb Swiss Franc strength.

Deutsche Bank’s Chief UK Economist Sanjay Raja notes that the Bank of England kept Bank Rate at 3.75%, matching their expectations. He highlights a more divided MPC on paper but a stronger consensus to hold rates, citing improved data, lower wage and price inflation, and an Iran/US deal.

BNY’s Bob Savage observes that recent ECB hikes have found few followers among other European central banks, with the BoE, SNB, Norges Bank and Riksbank all on hold. Inflation concerns remain largely domestic, while markets continue to price downside growth risks in the Euro area.

Brown Brothers Harriman notes Norges Bank kept its policy rate at 4.25% but delivered a hawkish hold by reinforcing guidance for another hike at an upcoming meeting.

United Kingdom BoE MPC Vote Rate Unchanged in line with expectations (7)

United Kingdom BoE MPC Vote Rate Hike in line with forecasts (2)

United Kingdom BoE Interest Rate Decision in line with expectations (3.75%)

Brown Brothers Harriman reports the Swiss National Bank left its policy rate at 0.00% for a fourth meeting, characterizing the decision as a neutral hold.

Spain 10-y Obligaciones Auction dipped from previous 3.392% to 3.383%