Fed Holds Rates Steady as Middle East Conflict Clouds Inflation Outlook 
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J.P. Morgan Now Expects Two ECB Rate Hikes Amid Inflation Pressures 
Lots of economic data and events scheduled for today, but all with low to medium volatility risks associated.
Data released so far:
- Australia: May building permits up 3.1 percent y/y in May. RBA kept interest rate unchanged at 150 bps at today’s meeting.
- Spain: Unemployment declined by 90,000 in June.
Upcoming:
- United Kingdom: Construction PMI data will be released at 8:30 GMT, along with the release of MPC minutes. BRC shop price report will be released at 23:00 GMT.
- Eurozone: PPI inflation and May retail sales report at 9:00 GMT.
- United States: ISM New York report will be released at 13:45 GMT and May factory orders report will be released at 14:00 GMT.
- Canada: Markit manufacturing PMI report will be released at 13:30 GMT.
- New Zealand: Global dairy auction is scheduled today.
- Australia: AiG performance of services report will be released at 22:30 GMT.
