Iran Proposes Strait of Hormuz Reopening Deal Amid Stalled U.S. Talks 
Bank of America Maintains Forecast for Two Fed Rate Cuts in 2026 Despite Inflation Risks 
RBI Holds Interest Rates Steady Amid Middle East Tensions and Global Uncertainty 
Oil Prices Steady as U.S.-Iran Talks Ease Tensions Despite Strait of Hormuz Disruptions 
Morgan Stanley: Fed Rate Cuts Still on Track Despite Oil-Driven Inflation 
Araqchi Leads Iran’s Diplomatic Push as U.S. Talks and Oil Market Tensions Rise 
Singapore Tightens Monetary Policy Amid Middle East War Inflation Risks 
Trump Urges Iran to Call for Talks as War Stalemate Disrupts Oil Markets 
DOJ Ends Probe Into Fed Chair Jerome Powell, Boosting Kevin Warsh Confirmation Prospects 
RBA's Hauser Flags Uncertainty on Rate Settings Amid Iran War Economic Risks 
RBI Clamps Down on Rupee NDF Activity, Banks Face Steeper Losses 
Lots of economic dockets scheduled for today and some with high volatility risks associated.
Data released so far:
- New Zealand: ANZ business confidence declined to 16 in June from 20.2 in May. ANZ activity outlook for July declined to 31.4 percent from 35.1 percent.
- Australia: Producer price index by 1 percent y/y in second quarter. Private sector credit growth declined to 6.2 percent y/y in May, down from 6.5 percent in April.
- Japan: Vehicle production declined 1 percent y/y in July. BOJ kept rates and QE on hold but increases US dollar lending program to $24 billion and purchase targets of ETFs from ¥3.3 trillion to ¥6 trillion.
Upcoming:
- Japan: Housing starts data will be released at 5:00 GMT, along with construction orders.
- France: Second quarter flash GDP will be released at 5:30 GMT. Consumer spending and CPI inflation data to be released at 6:45 GMT.
- Germany: Retail sales for June will be released at 6:00 GMT.
- Spain: Second quarter GDP and HICP inflation for July and current account balance for May will be released at 7:00 GMT.
- Switzerland: KOF leading indicator for July will be released at 7:00 GMT.
- Italy: Unemployment report for June will be released at 8:00 GMT. Producer and consumer price inflation will be released at 9:00 GMT.
- United Kingdom: Money supply and consumer credit data will be published at 8:30 GMT.
- Greece: Retail sales for May and Producer price inflation for June is scheduled for release at 9:00 GMT.
- Eurozone: Second quarter GDP estimate and consumer price inflation will be released at 9:00 GMT.
- United States: Second quarter flash GDP and PCE inflation will be reported at 12:30 GMT, followed by Chicago PMI at 13:45 GMT and Michigan consumer sentiment at 14:00 GMT.
- Canada: GDP for May is scheduled at 12:30 GMT, along with raw material price and industrial product price.
