North American Summary and Highlights 10 June

June 10, 2026 7:56 PM UTC

Overview - The USD was slightly firmer with Middle East risk outweighing a softer than expected US core CPI.  

Russian Inflation Drops to 5.3% in May, Hitting Lowest Level Since August 2023

June 10, 2026 5:41 PM UTC

Bottom Line: Russia’s annual inflation continued its decreasing pattern moderately in May and slowed to 5.3% y/y. This deceleration was driven by the lagged effects of previous aggressive monetary tightening, a relatively resilient ruble, and softening core inflation. Marking the lowest level sinc

FOMC Preview for June 17: Dropping the easing bias

June 10, 2026 4:55 PM UTC

The FOMC meets on June 17 and while a change in the Fed Funds target range from the current 3.5-3.75% is unlikely, the statement is likely to drop the easing bias. The median dots are likely to get a little more hawkish with a hawkish skew in the detail, with inflation forecasts, even ex food and en

FX Daily Strategy: APAC, Jun 11th

June 10, 2026 3:43 PM UTC

US CPI avoids sticker shock, gives some breathing room, but yield back off limited
Iran headlines still a mix of diplomatic and non-diplomatic, hope and jeopardy
ECB next focus, already a lot in the curve to validate

Bank of Canada - On hold with balanced tone

June 10, 2026 3:21 PM UTC

While recognizing that oil is around $10 per barrel higher than was assumed in its April Monetary Policy Report, the Bank of Canada left rates unchanged at 2.25% with a balanced tone to the statement. As long as core inflation does not start showing feed through from energy the BoC looks likely to a

Preview: Due June 11 - U.S. May PPI - Strong if less so than in April

June 10, 2026 1:17 PM UTC

We expect PPI to rise by 0.8% overall in May, strong if slower than April’s 1.4% surge, with a 0.4% rise ex food and energy, significantly slower than a 1.0% increase in April. Ex food, energy and trade however we expect only a modest slowing, to 0.5% in May from 0.6% in April. 

U.S. May CPI - Surprising fall in transport services despite continued gains in air fares

June 10, 2026 1:08 PM UTC

May CPI is in line with expectations at 0.5% overall but the core rate ex food and energy was softer than expected at 0.2%, with the rise before rousing being 0.208%.  The most surprising restraint on the data was a 0.6% fall in transportation services, despite continued gains in air fares.