ANZ Research previews the US May CPI report on Wednesday

"This week’s focus will be on the May US CPI and PPI data. We estimate headline CPI rose 0.5% m/m, lifting annual inflation to 4.2% from 3.8% in April, while core CPI likely increased by a modest 0.2% m/m, leaving the annual rate at 2.9%," ANZ notes.

"We remain constructive on the USD over the near term. A firmer tone at the June FOMC would therefore reinforce the markets view of hikes ahead. Kevin Warsh’s first meeting as Chair is an additional focal point: with some investors expecting a more dovish starting point than under Powell. We suspect he will be inclined, at a minimum, to avoid validating that perception early," ANZ adds.