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Ball in Greece’s court

  • US Industrial Production m/m: -0.2%
  • US Empire State Manufacturing Index: -2.0
  • EUR Trade Balance: 24.3B

After talks broke down at the weekend between the Greek government and its creditors, an agreement looks further than ever.  As ECB President Mario Draghi spoke yesterday in Brussels on the monetary policies in the Eurozone, he stated that ‘the ECB are doing all they can to facilitate a Greek deal’ and the ball is now in the Greek governments court.  As time is running out for Athens, Greek Prime Ministers Alexis Tsipras has said that Greece will wait patiently for international creditors to become more realistic on a debt deal.  The standoff in striking a deal is that Athens will not implement any further cuts to pensions, which the creditors are proposing in the new reforms.  Neither side seem to be flexible over any new reforms each put forward, which if no agreement is seen by the end of June, could see Greece default and the possibility of a Grexit.  However, the Euro found some support yesterday as President Mario Draghi spoke of the single currency zone recovery proceeding at a moderate pace and that inflation should be seen to rise by the end of this year into the start of next.

Despite the positive data seen of late out of the US, a disappointing reading from industrial production came unexpectedly.  Forecasted to increase to 0.2%, it fell well short of this posting at -0.3% for the month of May.  The April figure also added to the woe as it was revised down further to -0.5% as the slump seen in energy output was seen in these poor readings.  

  • European Court Of Justice Ruling
  • UK CPI y/y
  • UK PPI Input m/m
  • German ZEW Economic Sentiment
  • US Building Permits

Today, focus will be on the inflation figure out of the UK in the morning as it is expected to bounce back to a positive figure.  Followed with the ZEW Economic sentiment out of Germany, where it is expected to fall as confidence and a slow down from the powerhouse of the Eurozone has been the trend of late.  Lastly, from the States, building permits will be released along with housing starts.