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Analysts at Nomura suggest that import prices and University of Michigan consumer sentiment are going to be amongst key economic releases for the day in the US session.

Key Quotes                  

 “Import prices excluding fuel rose only moderately by 0.2% m-o-m. Imported consumer goods prices excluding food, energy and autos rose modestly by 0.1% m-o-m. For estimates for June, we expect only modest increases in these components. Import prices of products affected by higher tariffs such as aluminum articles could show continued increases.”

University of Michigan consumer sentiment: Consumer sentiment pulled back somewhat in the final June University of Michigan consumer survey report, largely due to increased concern regarding US trade policy. The July survey will provide important context as to whether consumer sentiment deteriorated further as trade tensions remain high. Despite trade-related choppiness, consumer sentiment remains at multi-year highs, consistent with steady income growth and a low unemployment rate. Short-term inflation expectations (one year) increased 0.2pp to 3.0% in June, consistent with rising gasoline prices. Longer-term inflation expectations (five years) increased 0.1pp to 2.6%, remaining within the 2.3-2.6% range since April 2016.”