We Are Literally In Uncharted Waters

If all else fails, we all should be booking our Greece vacations this fall

Intro: Investors will continue to watch developments in Greece as the results of the countries referendum get digested. Domestically we will see ISM Index, Consumer Credit and Wholesale Inventories

Greece: Over the weekend, Greece voted No in a referendum on the terms of the bailout. Since we are entering unknown territory, we will wait to see what the Troika decides on the results from the referendum. Eurozone countries are due to meet on Tuesday (7/7) to discuss the results of the referendum. Any next steps for Greece this week have the potential to move markets in either direction based on the latest developments

FOMC Meeting Minutes: On Wednesday (7/7) the latest FOMC Minutes are released. Investors will be looking closely at the language to see what may have changed from the previous FOMC minutes


Nuclear Talks: Negotiations between Iran and the six-nation group led by the US had the deadline pushed back one week to July 7. If some of the sanctions are lifted, we could see an additional million barrels hit the market further pushing the price of crude lower

 

MONDAY (7/6)

  • 10:00 AM ET – ISM Services - Jun
  • Canada Ivey PMI

 

TUESDAY (7/7)

  • 8:30 AM ET - Trade Balance - May
  • 10:00 AM ET – JOLTS Job Openings - May
  • 10:00 AM ET – Consumer Credit - May
  • New Zealand Business Confidence
  • Reserve Bank of Australia Rate Statement
  • Great Britain Manufacturing Production
  • Canada Trade Balance
  • Euro Summit
  • G8 Meetings

 

WEDNESDAY (7/8)

  • 10:30AM ET – Crude Oil Inventories
  • 2:00 PM ET – FOMC Minutes – Jun -
  • Great Britain Annual Budge Release
  • Canada Building Permits
  • FOMC Member John Williams Speaks
  • Earnings: Alcoa

 

THURSDAY (7/9)

  • 8:30 AM ET - Weekly Jobless Claims
  • Australia Unemployment Rate
  • Bank of England Official Rate Statement
  • FOMC Member Lael Brainard Speaks
  • Earnings: Pepsico, Walgreens

 

FRIDAY (7/10)

  • 10:00 AM ET – Wholesale Inventories - May
  • Canada Unemployment Rate