Another Greek proposal

• UK Trade Balance: -8.6B
• US JOLTS Job Openings: 5.38m
• JPY Core Machinery Orders m/m: 3.8%

The Greek story continued yesterday as Greece submitted fresh proposals to its creditors, as officials try their best to unlock bailout funds with just three weeks to go before the country’s financial safety net expires. The papers submitted have addressed creditors concerns about Greece’s budget targets and have included a proposal to ensure the sustainability of Greek debt. As this story nears another expiry date, any news and commentary on this will be heavily scrutinized and could inject high amounts of volatility into the Euro.

Another good labour figure came out of the US yesterday afternoon.  After Friday’s strong non-farm figure, the Jolts job openings followed suit as it came out above expectations and remaining above the 5 million mark for April.  The number of job openings surged for the month of April to a 14 year high, pointing to further signs that the labour market in the US could strengthen in the coming months.  This positive data gives more weight for when the Fed meet later this month, as to when an interest rate hike should be implemented sooner rather than later.

• UK Manufacturing Production m/m
• UK NIESR GDP Estimate
• BoE Gov Carney Speaks

The busiest day for the UK this week in terms of news. Both the manufacturing and NIESR GDP estimate are set to hit the wires. Historically, we have seen price fluctuations at the Annual Mansion House Dinner where both BOE Governor Mark Carney and Chancellor of the Exchequer George Osborne are due to speak.