President Trump said at JFK Airport on June 9 that US-Iran negotiations are at "the 11th hour" and he expects an agreement within "two to three days." He added that Israel and Iran, after prior exchanges, have "agreed to a ceasefire" and predicted the outcome will be a "very, very good" deal.

U.S. April wholesale sales MoM and May existing-home sales (annualized total) due in 10 minutes.

Mitsubishi UFJ said the yen remained weak early this week, with USD/JPY back above 160. Markets have almost fully priced in a BOJ rate hike at the June 16 meeting; even if a hike occurs, it is unlikely on its own to reverse yen weakness. The bank warned that failure to follow with further hikes would likely prompt a larger negative market reaction and reinforce investor concerns the BOJ is lagging on inflation risk, and reiterated its view that the yen may stay weak near term until the worst of the energy-price shock abates.