Today's calendar of economic data releases is relatively thin.
In the eurozone activity has been supported by ECB's monetary policy easing as it has resulted in cheaper and more accessible bank lending. We expect today's figures for money supply and credit to illustrate this.
Germany will publish Ifo Business Climate index, which we expect to have weakened in tandem with the recent (temporary) slowdown in economic figures.
In the US the June figures for durable goods orders are due for release. We expect a rebound in the figure after the drop in the past two months. Focus this week will primarily be on Wednesday's FOMC meeting where we expect the rhetoric to turn more hawkish amid the recent significant improvement in US economic figures and with international risk factors diminished. We still expect the first rate hike in September - a call that financial markets currently price at roughly 50% probability.
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