Greece to dominate markets this week

•     Greece to dominate markets this week

–    PM Tsipras made defiant speech to parliament Friday; creditors are losing patience

–    Bank of Greece asked for increase in ELA; watch what ECB does Wednesday

•     Turkish govt loses vote; TRY hits record low

–    The ruling AK Party lost its majority in the vote on Sunday; other parties rejecting coalition, now seems likely to end in a short-lived minority government

–    Increased political instability, uncertainty about economy policy = weak TRY

•     Japan’s Q1 GDP revised up, but trade slips into deficit

–    Upward revision to Q1 GDP means less need for BoJ to increase stimulus = JPY-positive, but trade deficit in April suggests pressure is still there for weaker JPY

•     Chinese imports collapse in May = negative for AUD, NZD

•     Today: only 2^nd tier data

–    Eurozone: German industrial production for April

–    US: Labor market conditions index (not a big market-mover)

•     This week:

–    Tuesday: China CPI & PPI for May; US JOLTS survey

–    Wednesday:  Norway CPI for May; UK industrial production for April

–    Thursday: RBNZ meeting expected to leave rates on hold; US retail sales for May

–    Friday:  preliminary U of M consumer sentiment for June