Japan Leading Economic Index came in at 116.8, below expectations (116.9) in May

Japan Coincident Index increased to 118.5 in May from previous 118.1

Netherlands, The Consumer Price Index n.s.a (YoY) in line with forecasts (2.9%) in June

Indonesia Foreign Reserves rose from previous $144.9 to $145.6 in June

Minoru Kiuchi, Minister of State for Economic and Fiscal Policy of Japan, said on Tuesday that “Tokyo is not easing fiscal discipline, presenting it clearly in the economic plan.”

Japan JP Foreign Reserves fell from previous $1305.9B to $1B in June

Japan Overall Household Spending (YoY) registered at -0.3% above expectations (-2.5%) in May

Japan Labor Cash Earnings (YoY) came in at 3.2% below forecasts (3.4%) in May

United Overseas Bank’s (UOB) Quek Ser Leang notes USD/SGD has seen downward momentum slow after last week’s sharp drop, with the pair expected to stay between 1.2900 and 1.2935 intraday. On a 1–3 week horizon, UOB maintains a neutral stance, projecting consolidation within 1.2890–1.2990.

United Kingdom CFTC GBP NC Net Positions up to £-102.1K from previous £-105.7K

Eurozone CFTC EUR NC Net Positions down to €1.1K from previous €30.2K

United States CFTC Gold NC Net Positions climbed from previous $181.3K to $194K

United States CFTC S&P 500 NC Net Positions declined to $-37.6K from previous $-35.4K

Japan CFTC JPY NC Net Positions dipped from previous ¥-146.1K to ¥-155.1K

United States CFTC Oil NC Net Positions down to 110.5K from previous 114.6K

Australia CFTC AUD NC Net Positions down to $-17.7K from previous $-13K

BNY’s Geoff Yu stresses that Chinese equities and Chinese Yuan (CNY) remain heavily under-owned versus APAC (Asia-Pacific) peers, with cross-border holdings at very low levels.

Societe Generale’s Kunal Kundu analyzes Indonesia’s May 2026 trade data, highlighting the first deficit since the pandemic and a record Oil and Gas shortfall.

European Central Bank (ECB) Executive Board member Isabel Schnabel said on Monday that the Eurozone is not back to a pre-war situation, even after the recent decline in Oil prices.

Federal Reserve (Fed) Governor Christopher Waller said on Monday that forward guidance can strengthen the impact of monetary policy when used properly, but warned that it can also become problematic if it limits policymakers’ flexibility.

United Overseas Bank’s (UOB) Quek Ser Leang indicates USD/CNH has seen a slight softening in momentum but remains confined to a narrow intraday band of 6.7800–6.7930. Over the next 1–3 weeks, the bank expects range trading between 6.7750 and 6.8080 as earlier Dollar strength has faded.

BNY’s Geoff Yu notes that crowded exposure to Latin American (LatAm) bonds is unwinding as higher U.S. yields drive a domestic repricing of real-rate risks. The bank sees flows rotating toward regional equities and maintains a constructive tactical view on Latin American carry.

TD Securities projects US output growth to move sideways in 2026, slightly below trend, with Real Gross Domestic Product (GDP) at 2.0% Q4/Q4 and unemployment around 4.3%. The Iran conflict and an oil shock pose stagflationary risks, while AI and high-income consumers support demand.

Commerzbank’s Dr. Marco Wagner notes that German manufacturing orders rose 1.9% in May, or 1.0% excluding large orders, pointing to an upward trend. He argues this supports a moderate recovery in German industry and a slight recovery in the broader German economy after a likely small Q2 decline.

Economic activity in the US service sector lost some momentum in June, with the ISM Services PMI easing to 54.0 from 54.5 in the previous month, matching analysts' expectations.

United States ISM Services Prices Paid down to 67.7 in June from previous 71.3

United States ISM Services PMI in line with expectations (54) in June

United States ISM Services Employment Index: 51.2 (June) vs 47.9

United States ISM Services New Orders Index fell from previous 57.3 to 55.1 in June

United States S&P Global Composite PMI registered at 51.9, below expectations (52.2) in June