Following Kevin Warsh's first monetary policy meeting as Federal Reserve chairman, the central bank on Wednesday announced its widely expected decision to leave interest rates unchanged. The Fed said it decided to maintain the target range for the federal funds rate at 3.50 to 3.75 percent, citing its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run.

Business inventories in the U.S. increased in line with economist estimates in the month of April, according to a report released by the Commerce Department on Wednesday. The Commerce Department business inventories climbed by 0.5 percent in April after jumping by an upwardly revised 1.0 percent in March.

A report released by the National Association of Realtors on Wednesday showed a substantial increase in pending home sales in the U.S. in the month of May. NAR said its pending home sales spiked by 3.8 percent to 76.8 in May after rising by 0.3 percent to a downwardly revised 74.0 in April. Economists had expected pending home sales to advance by 0.9 percent.

Retail sales in the U.S. increased by much more than expected in the month of May, according to a report released by the Commerce Department on Wednesday. The Commerce Department said retail sales grew by 0.9 percent in May after rising by a downwardly revised 0.4 percent in April. Economists had expected retail sales to climb by 0.5 percent.

Despite transport cost pressures, UK consumer price inflation remained stable in May, ahead of the Bank of England's policy announcement on Thursday. Consumer prices registered an annual increase of 2.8 percent, the same rate as seen in April, the Office for National Statistics said Wednesday. Prices were expected to climb 3.0 percent.

The British pound weakened against other major currencies in the European session on Wednesday, following the release of U.K. consumer inflation data in May.

Consumer and producer prices data from the UK is top economic news due on Wednesday. At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for May. Inflation is expected to rise to 3.0 percent from 2.8 percent in April. Output price inflation is seen unchanged at 4.0 percent in May.

A report released by the Labor Department on Tuesday showed import prices in the U.S. shot up by much more than expected in the month of May. The Labor Department said import prices jumped by 1.9 percent in May after leaping by an upwardly revised 2.0 percent in April.

The Commerce Department released a report on Tuesday showing another steep drop in new residential construction in the U.S. in the month of May. The report said housing starts plunged by 15.4 percent to an annual rate of 1.177 million in May after tumbling by 8.5 percent to a revised rate of 1.392 million in April.

Economic sentiment in Germany returned to positive territory in June as financial market experts expect an end to the Iran conflict, survey results from the Mannheim-based Centre for European Economic Research, or ZEW, showed Tuesday. The ZEW indicator of economic sentiment advanced more-than-expected to 10.5 in June from -10.2 in the previous month. The score was seen at -5.8.

The Bank of Japan decided to raise its benchmark interest rate by a quarter-point to its highest level in 31 years, and to halt government bond purchase reductions next year. The policy board of BoJ voted 7-1 to raise the interest rate to 1.00 percent from 0.75 percent. The board signaled its commitment to further monetary policy tightening to support its price stability target.

The commodity currencies such as Australia, the New Zealand and the Canadian dollars weakened against their major currencies in the Asian session on Tuesday, as investors still remain cautious despite US President Donald Trump's announcement that a memorandum of understanding (MoU) has been reached to terminate the crisis and reopen the blockaded Strait of Hormuz.

China's retail sales declined for the first time since 2022 on subdued domestic demand and fixed asset investment logged a sharper-than-expected fall, while industrial production remained a bright spot, official data revealed Tuesday. Retail sales decreased 0.6 percent from a year ago in May, the National Bureau of Statistics reported.

The Reserve Bank of Australia left its benchmark interest rate unchanged on Tuesday as policymakers evaluate the effects of three consecutive rate hikes and the impact of oil supply disruption. The policy board, governed by Michele Bullock, unanimously voted to hold the cash rate target at 4.35 percent. The bank had lifted the policy rate by 25 basis points each in February, March and May.

Homebuilder confidence has seen a modest deterioration in the month of June, according to a report released by the National Association of Home Builders on Monday. The report said the NAHB/Wells Fargo Housing Market Index dipped to 35 in June after jumping to 37 in May. Economists had expected the index to edge down to 36.

A report released by the Federal Reserve on Monday showed a modest increase in industrial production in the U.S. in the month of May. The Fed said industrial production crept up by 0.1 percent in May after climbing by an upwardly revised 0.9 percent in April. Economists had expected industrial production to rise by 0.2 percent.

After posting strong growth last month, New York manufacturing activity increased modestly in the month of June, according to a report released by the Federal Reserve Bank of New York on Monday. The New York Fed said its general business conditions index plunged to 5.7 in June after jumping to 19.6 in May, although a positive reading still indicates growth.

UK house prices posted their worst June performance in 14 years as competition to attract buyers remained fierce among sellers, the property website Rightmove said Monday. Average property prices declined 0.6 percent from May, which was the biggest June fall in fourteen years. This followed a 1.2 percent rise in May. On a yearly basis, house prices dropped 0.5 percent.

The euro area trade balance shifted to a deficit in April due to the surge in imports, according to official data released Monday. The trade balance showed a shortfall of EUR 1.0 billion compared to a surplus of EUR 4.9 billion in March. In the same period last year, the trade surplus totalled EUR 8.7 billion.

Better-than-expected core CPI data from the U.S as well as renewed hopes of a peace deal between the U.S. and Iran abetted the dollar's retreat during the week ended June 12.

Eurozone industrial production logged a marginal expansion in April, with consumer and intermediate goods offsetting declines in capital and energy sectors, official data showed Monday. Industrial output rose 0.1 percent from March, when production advanced 0.4 percent, Eurostat reported. Output was expected to climb 0.2 percent. Nonetheless, this was the third consecutive rise in production.

Industrial production and foreign trade from the euro area and wholesale prices from Germany are due on Monday. At 2.00 am ET, Destatis is slated to issue Germany's wholesale prices for May. Wholesale prices are forecast to grow 0.8 percent on a monthly basis, following a 2.0 percent rise in April.

With consumers experiencing some relief due to the early-month easing in gasoline prices, the University of Michigan released a report on Friday showing a bigger than expected rebound in U.S. consumer sentiment in the month of June. The University of Michigan said its consumer sentiment index jumped to 48.9 in June after slumping to 44.8 in May. Economists had expected the index to rise to 46.0.

The U.K. economy contracted for the first time since August last year as the U.S.-Iran war has started to take its toll on business activity, official data showed Friday. Real gross domestic product decreased 0.1 percent in April, in contrast to a 0.3 percent expansion in March, the Office for National Statistics reported. This was the first monthly fall since August 2025.

GDP and foreign trade from the UK and final inflation from Germany and France are due on Friday, headlining a busy day for the European economic news. At 2.00 am ET, the Office for National Statistics releases UK GDP, industrial output and foreign trade figures. The economy is forecast to shrink 0.1 percent in April, in contrast to the 0.3 percent expansion seen in March.