Political uncertainty remained a feature in the June quarter as President Trump dismissed FBI director James Comey and French and UK elections were held. In the EU, risk eventually retreated as the Centrist and Pro-EU candidate Emmanuel Macron won a convincing victory in the French elections.

Global policy makers expressed a cautious welcome for continuing signs of improving activity during the March quarter. The Reserve Bank of Australia noted a pick-up in global trade and industrial production, alongside a tightening of labour markets.