UK consumer price inflation softened in May as the slowdown in transportation costs was largely offset by the rise in food prices and reinforced expectations that the Bank of England will maintain the interest rate steady this week. The consumer price index registered an annual increase of 3.4 percent, slightly slower than the 3.5 percent rise seen in April, the Office for National Statistics said

Indonesia's central bank left its benchmark interest rate unchanged on Wednesday after a quarter-point reduction in May and hinted at further reduction to support economic growth. The Bank Indonesia Board, led by Governor Perry Warjiyo, maintained the BI rate at 5.50 percent. The bank had reduced the rates twice this year, in May and January.

Eurozone inflation slowed in May, as initially estimated, on falling energy prices, final data from Eurostat revealed on Wednesday. Inflation softened to 1.9 percent in May from 2.2 percent in April. The rate fell below the European Central Bank's 2 percent target for the first time since September 2024.

The British pound recovered slightly from an early low against other major currencies in the European session on Wednesday, following the release of U.K. consumer price inflation data in May.

The Japanese yen strengthened against other major currencies in the Asian session on Wednesday, as investors remain cautious of persisting trade uncertainty and escalating geopolitical tensions, which provide some support to the safe-haven JPY.

Consumer prices from the UK and the euro area are the top economic news due on Wednesday. At 2.00 am ET, the Office for National Statistics releases UK consumer prices for May. Inflation is forecast to ease to 3.3 percent in May from 3.5 percent in April. At 4.00 am ET, the European Central Bank is scheduled to issue euro area current account data for April.

Homebuilder confidence in the U.S. has unexpectedly seen a continued deterioration in the month of June, the National Association of Home Builders revealed in a report released on Tuesday.

Industrial production in the U.S. unexpectedly saw a modest decrease in the month of May, according to a report released by the Federal Reserve on Tuesday. The Fed said industrial production dipped by 0.2 percent in May following a revised 0.1 percent uptick in April.

With a steep drop in prices for fuel imports offset by an increase in prices for non-fuel imports, the Labor Department released a report on Tuesday showing U.S. import prices were unchanged in the month of May.

The Commerce Department released a report on Tuesday showing U.S. retail sales decreased by more than expected in the month of May. The report said retail sales slid by 0.9 percent in May after edging down by a revised 0.1 percent in April. Economists had expected retail sales to decline by 0.6 percent compared to the 0.1 percent uptick originally reported for the previous month.

Sweden's central bank is set to lower interest rates twice this year due to the economic downturn and subdued inflation outlook, the National Institute of Economic Research said on Tuesday as it lowered the growth forecast for the economy.

Investor confidence in Germany improved more than expected in June underpinned by rising consumer demand and spending plans of the new government, a monthly survey conducted by the think tank ZEW showed on Tuesday. The ZEW Indicator of Economic Sentiment surged to a three-month high of 47.5 in June from 25.2 in the previous month. The score was seen at 34.8.

The Japanese yen recovered slightly from recent lows against other major currencies in the Asian session on Tuesday, after the Bank of Japan decided to maintain its interest rate and to reduce the pace of the amount of bond purchases from April next year.

The Bank of Japan decided to maintain its interest rate and to reduce the pace of the amount of bond purchases from April next year amid rising uncertainties in financial markets and global trade policies. The policy board of the Bank of Japan unanimously decided to hold the uncollateralized overnight call rate to remain at around 0.5 percent. The decision came in line with expectations.

According to a report released by the Federal Reserve Bank of New York on Monday, New York manufacturing activity fell for a fourth consecutive month in June. The New York Fed said its general business conditions index slid to a negative 16.0 in June from a negative 9.2 in May, with a negative reading indicating contraction. Economists had expected the index to climb to a negative 5.5.

The euro strengthened against other major currencies in the European session on Monday amid increased risk-on mood by the investors, as world leaders gathered in Canada for the G7 summit, which will address global security, economic resilience, and tech cooperation. Discussions to resolve the Middle East crisis will also be a top priority.

The U.S. Dollar extended losses during the week ended June 13 amidst persisting concerns about trade tariffs and the potential impact on the U.S. economy.

The Japanese yen weakened against other major currencies in the Asian session on Monday amid increased risk-on mood by the investors, boosted by strong gains in energy and mining stocks amid spiking commodity prices following the escalation in geopolitical tensions in the Middle East.

Preliminary data released by the University of Michigan on Friday showed a substantial improvement by consumer sentiment in the U.S. in the month of June. The University of Michigan said its consumer sentiment index surged to 60.5 in June after holding at 52.2 in May. Economists had expected the index to rise to 53.5.

Eurozone trade surplus declined to a three month low in April as demand from the US softened following tariff hikes, official data revealed on Friday. The trade surplus declined to EUR 9.9 billion in April from EUR 37.3 billion in March, Eurostat reported. This was the lowest surplus since January. In the same period last year, the surplus totalled EUR 13.6 billion.

Eurozone industrial production declined for the first time in four months in April as the positive impulse from frontloading of orders from the US faded, official data revealed Friday. Industrial output registered a monthly fall of 2.4 percent in April, offsetting March's 2.4 percent increase, Eurostat said. Production was forecast to drop 1.6 percent.

The antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Friday, amid heightening geopolitical tensions in the Middle East region after Israel launched a preemptive strike against Iran in a major escalation of the regional conflict. U.S. officials confirmed that the U.S. had no involvement or role in the operation. Tensions between the U.S. and Iran are also rising over the latter's nuclear developments.

Industrial production and foreign trade from the euro area and final inflation figures from Germany and France are the top economic news due on Friday. At 2.00 am ET, Destatis is scheduled to issue Germany's final consumer and harmonized prices and wholesale prices for May. The flash estimate showed that consumer price inflation remained unchanged at 2.1 percent.

After reporting an unexpected decrease by U.S. producer prices in the previous month, the Labor Department released a report Thursday showing producer prices crept slightly higher in the month of May. The Labor Department said its producer price index for final demand inched up by 0.1 percent after slipping by a revised 0.2 percent in April.

The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits came in flat in the week ended June 7th. The report said initial jobless claims in at 248,000, unchanged from the previous week's revised level. Economists had expected jobless claims to dip to 240,000 from the 247,000 originally reported for the previous week.