Focus on EU Summit, Greece offers new reform proposals

Monday will be an important day as there will be an emergency summit meeting by EU leaders in order to discuss the Greek debt crisis after talks failed at Thursday’s Eurogroup meeting of finance ministers. The Greek government submitted last-minute adjustments on reforms to its creditors on Sunday. European Commission President Jean-Claude Juncker sent a tweet calling the latest proposal from Greece to resolve its debt crisis a “good basis for progress”.

Meanwhile, in terms of economic data, next week will focus mainly on Purchasing Managers Index (PMI) surveys from around the world. Data out of the United States will be important to watch out for, after the FOMC meeting this week, where it was reiterated that a rate hike by the Federal Reserve is very data-dependent. Upcoming US data include durable goods orders data and final GDP numbers for the first quarter.

Aside from the EU emergency summit on Monday, the Bank of Japan will publish its monthly report while the European Commission issues consumer confidence data for the Eurozone. Following this, focus will shift to more important data out of the US which sees the publication of existing home sales data.

On Tuesday, flash PMI data are released in Japan, China, the Eurozone and the US. Aside from PMI data, it will be good to watch the UK’s Confederation of British Industry update on their orders data. Then, durable goods orders and home price figures are published in the US.

On Wednesday, the Bank of Japan will publish minutes from its May monetary policy meeting where it left monetary policy unchanged.
Then Germany will release the latest IFO survey results.

Focus will then shift to final first quarter GDP numbers and building permit numbers are out in the US. GDP is expected to be revised higher to show a modest increase. In the previous GDP report, we saw the US economy contract by 0.7%.

On Thursday, another confidence survey will be released by Germany by GfK consumer confidence data are out in Germany.

In the US session, initial jobless claims figures, personal income data and flash services PMI results are all published in the US.

On Friday we will see a string of data out of Japan, which include household spending, inflation and unemployment numbers.

From the Eurozone, M3 money supply information are issued for and finally from the US, the Reuters/Michigan Consumer Sentiment Index is out.

The post Focus on EU Summit, Greece offers new reform proposals appeared first on Forex Circles.

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