A destructive heat dome is sweeping much of Canada, driving prolonged extreme temperatures and placing millions under heat warnings. Environment and Climate Change Canada has issued alerts for Ontario, Quebec and other areas; daytime highs and humidex readings are running well above seasonal averages. Separately, heavy rain earlier this week triggered severe flooding in Manitoba's Parkland region, and the western Manitoba city of Dauphin declared a state of emergency on the 1st.

Fed chair Kevin Warsh declined to say whether the Fed will raise rates at its July meeting, saying he expects a vigorous internal debate when policymakers meet in four weeks and that he had no further information to disclose. He made the remarks at the ECB annual policy seminar in Sintra, his first public appearance since last month’s Fed press conference. Investors have lifted expectations for additional hikes since that press conference, but market-implied probability of a July rate move remains below 50%.

Australia May exports MoM -6.9%; prior +7.2%.