USD
Existing home sales for the US came in 5.1% higher for the month of May, far
better than the 4.4% consensus. With sales coming in at 5.35m, better than the
consensus of 5.26m and the previous figure of 5.09m. Overall a positive day for
the US property market and this did cause the USD to fight back some of
the losses incurred earlier in the day, as the existing home sales reading was
in fact the highest since November 2009. 

USD
Existing home sales for the US came in 5.1% higher for the month of May, far
better than the 4.4% consensus. With sales coming in at 5.35m, better than the
consensus of 5.26m and the previous figure of 5.09m. Overall a positive day for
the US property market and this did cause the USD to fight back some of
the losses incurred earlier in the day, as the existing home sales reading was
in fact the highest since November 2009. 

EUR
Yesterday talks between Greece and the Eurogroup appeared to be progressing. From
Monday morning’s open, the EUR made gains of almost 1% against the pound, and
0.7% against the USD before the housing data. Eurozone finance ministers
welcomed new Greek proposals for a cash-for-reform deal but said they required
detailed study, and it would take several days to determine whether they can
lead to an agreement to avert a default.

German Chancellor Angela Merkel  also hoped that a deal would be agreed by
the end of the week. Merkel did however state that Greek reforms would be
required to in order to secure a potential deal with Greece. A Greek government
official stated yesterday that ECB President Mario Draghi told Greek PM Tsipras
that Greek Banks will remain solvent as long as Greece continues to adhere to
the bailout programme agreements. Other piece of note was a rumour that ECB are
set to increase their ELA for Greek Banks to EUR 87.8bn from EUR 85.9bn.

 Key Announcements
10:00 – GBP – Inflation Report hearing  
13:30 – GBP – Durable Goods Orders expected to improve from -1.0% to
-0.5%