June's inflation report will be looked at not so much for what the headline numbers show than what's in the underlying data.

India's inflation cools to 2.1% in June, extending slide to more than 6-year lows

Last month saw a surplus of a little more than $27 billion, following a $316 billion deficit in May.

Trump announces 35% tariffs on Canada starting Aug. 1

Fears earlier this year that President Donald Trump's tariffs would result in a sharp inflation spike have completely receded.