Euro likely to recover slightly on Greece negotiation & data season

Well, tuning into today's data releases in euro zone, the European commission is about to report a variety of its sentiment indexes remained steady on average in May month. If our projection turns into accurate, then it would be steady with euro area GDP growing by 0.4% in Q2.

While Greece remained in the centre of attention yesterday with some rather contradictory news; press reports said that according to the Greek government a deal was close to being reached at the staff level while the EU commission continued to highlight that further negotiations were needed. Overall, progress is being made but an agreement at the Euro group level this week still seems unlikely.

Key data events to look out for today:

Swiss Trade balance

Swiss Q1 IP numbers

German Import prices MoM

Italian 10-Y Bond Auction

Spain Retail Sales

Portugal Business & Consumer confidence.