The monthly cycle of central bank meetings and high-frequency data slow in the week ahead, though the UK and Canada report on prices and demand (retail sales). The highlight of the week may be the preliminary May PMI estimates. We play down its significance in the US because its strength seems to be an outlier and it is in expansion territory while the ISM not. The dollar has generally been trending lower, with the yen being the only exception among the G10 currencies since mid-April. The bottoming of the two-year yield near the recent 4.70% low may reflect the end of the interest rate adjustment following the recent ... (full story)