• Fed's Bullard and Lockhart will speak on the US economy and monetary policy again, which may give yields and USD a lift.
  
  
• There is also Eurozone M3, seen heading up to 4.3% YoY. Given the monetarist-leaning ECB targets 4.5%, and GDP growth is seen picking up, and that inflation will rebound, according to Rabobank.
  
  
• In the UK we have retail sales data, expected 0.4% MoM and a decent 4.2% YoY, which might boost GBP; the CBI release their version of retail sales data slightly later.
  
  
• In Europe the ECB's Draghi addresses an Italian parliamentary committee: the Greeks (ironically celebrating Independence Day) will also be listening for any indirect messages for them, with the fiscal noose continuing to tighten as their requests for EUR1.2bn in funds are rebuffed.
  
  
• In the US there is the Markit services PMI. Given the Markit manufacturing series was totally out of line with factory orders, durable goods, and the Atlanta Fed, and that services are notoriously hard to measure, we might get a very strong reading here, further muddying the waters.    
  
  
• Banxico to leave Mexican rates on hold at 3.00% today; the Bank is watching developments north of the border very closely and Mexico is likely to raise rates before the Fed, partly to combat the risk of FX outflows. 
  
  
• Rabobank believes the move lower in MXN has left the currency looking cheap and the Bank is concerned about pass-through to inflation, which will also prevent a dovish tone emerging. That said, recent data have shown slowing activity, and falling inflation may see the Bank adopt a slightly less-hawkish tone.