Morning Juice – US Session Prep (12th June)

Sentiment
The dollar fell after Trump repeated his plans to implement unilateral tariffs next month, reminding investors that the US may not back down from aggressive trade restrictions. The dollar was also weighed down by rising bets for US interest rate cuts, which boosted Treasuries. Gold stabilized, after rising on escalating tensions in the Middle East..

Traders price 50 BPS of further Fed easing through year-end, rising from around 40 BPS before Wednesday’s CPI.

After weeks of anxiousness around demand for long-term US debt, all eyes are on Thursday’s 30-Yr Treasury auction for a fresh read on whether spiralling deficits are causing investors to shun the maturity.

Docket
08:30 ET
US PPI for May
YoY – Forecast: 2.6% | Prior: 2.4% | Range: 2.8% / 2.2%
MoM – Forecast: 0.2% | Prior: -0.5%  Range: 0.5% / -0.1%
Core YoY – Forecast: 3.1% | Prior: 3.1% | Range: 3.6% / 2.8%
Core MoM – Forecast: 0.3% | Prior: -0.4% | Range: 0.4% / -0.2%

US Weekly Jobless Claims
Initial Claims – Forecast: 242k | Prior: 247k | Range: 345k / 230k
Continued Claims – Forecast: 1.91M | Prior: 1.904M | Range: 1.94M / 1.89M

12:00 ET
Fed Quarterly Financial Accounts

13:00 ET
US sells $22 bln 30-Year Bonds

Speakers
08:00 ET
ECB’s de Guindos Speaks

08:20 ET
ECB’s Schnabel moderates the annual joint conference of the European Commission and European Central Bank on European financial integration: Advancing the savings and investments union.
No text will be made available.

11:00 ET
Trump Bill Signing Ceremony

12:00 ET
Fed’s Kugler speaks on ‘Economic Outlook and Monetary Policy’ at Economic Club of New York Luncheon

15:30 ET
Trump Signs Executive Orders

Earnings
16:05 ET
Adobe Q2 2025 Earnings
Est. EPS: $4.97
Est. Rev: $5.79B

Good luck!