(time / country / index / period / previous value / forecast)

06:00 Germany Gfk Consumer Confidence Survey July 10.2 10.2

08:00 Switzerland SNB Chairman Jordan Speaks

12:30 U.S. Continuing Jobless Claims June 2222 2215

12:30 U.S. Initial Jobless Claims June 267 272

12:30 U.S. Personal Income, m/m May 0.4% 0.5%

12:30 U.S. Personal spending May 0.0% 0.7%

12:30 U.S. PCE price index ex food, energy, m/m May 0.1% 0.1%

12:30 U.S. PCE price index ex food, energy, Y/Y May 1.2% 0.8%

13:45 U.S. Services PMI (Preliminary) June 56.2 56.8

13:45 U.S. FOMC Member Jerome Powell Speaks

16:10 Canada BOC Deputy Governor Lawrence Schembri Speaks

22:45 New Zealand Trade Balance, mln May 123 -100

23:30 Japan Unemployment Rate May 3.3% 3.3%

23:30 Japan Household spending Y/Y May -1.3% 3.4%

23:30 Japan Tokyo Consumer Price Index, y/y June 0.5%

23:30 Japan Tokyo CPI ex Fresh Food, y/y June 0.2% 0.1%

23:30 Japan National Consumer Price Index, y/y May 0.6%

23:30 Japan National CPI Ex-Fresh Food, y/y May 0.3% 0.0%

European Central Bank (ECB) Governing Council Member Klaas Knot said on Wednesday that quantitative easing by the ECB was reaching its limits.

"Monetary policy accommodation is now reaching its limits and if it is maintained for a significant period of time it also comes with the risk of certain negative side-effects such as new financial imbalances," he said.

Former Greek Prime Minister Lucas Papademos said on Wednesday that Eurozone's finance ministers will speak about further debt relief for Greece. He added that Greece needs a debt relief.

Bundesbank Executive Board member Joachim Nagel dismissed the argument that hat Greece needs a debt relief later.

"Taking the current numbers, it is possible without a second debt relief to come down to more sustainable debt ratios," Nagel pointed out.

The Swiss National Bank (SNB) released its Quarterly Bulletin on Wednesday. The central bank noted that the Swiss franc is still overvalued. The SNB expects the Swiss economy to regain momentum in the second half of the year and the Swiss GDP to grow under 1% this year, while business confidence picked up.

According to Quarterly Bulletin, in the second quarter, consumer price inflation is expected to be - 0.6% in six to twelve months, compared with −1.3% in the previous quarter.

In the second quarter, inflation forecasts for the next three to five years is expected to be 0.5%, up from the previous quarter's forecast of 0.4%.

EUR/USD: $1.1130/40(E624mn), $1.1180(E395mn), $1.1200(E1.2bn)

USD/JPY: Y123.50($280mn), Y123.90/00($282mn), Y125.00($232mn)

EUR/JPY: Y138.40(E443mn)

EUR/STG: stg0.7100(E220mn)

AUD/USD: $0.7820(A$220mn)

USD/CAD: Cad1.2465($300mn)

NZD/USD: $0.6960 (NZ$280mn)

The National Bank of Belgium (NBB) released its business survey on Wednesday. The business climate rose to -3.9 in June from -4.9 in May, beating forecasts for a decline to -5.1. It was the highest level since July 2011.

The gain was driven by increases in business-related services and in the manufacturing and building industries.

The business climate index for the manufacturing sector rose to -5.0 in June from -6.4 in May due to upward revision of demand forecasts.

The business climate index for the services sector was up to 13.1 in June from 9.4 in May due to more optimistic outlook about future developments and due to general market demand.

The business climate index for the building sector increased to -12.4 in June from -13.9 in May due to more favourable assessments of total order books.

The business climate index for the trade sector dropped to -13.8 in June from -1.8 in May due to downward revision of forecasts for orders and for employment.

The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP declined 0.2% in the first quarter, in line with expectations, up from the previous estimate of a 0.7% drop.

The upward revision was partly driven by an upward revision to consumer spending. Consumer spending rose by 2.1% in the first quarter, up from the previous estimate of a 1.8% increase.

The statistical office Istat released its non-EU trade data on Wednesday. The Italian trade surplus climbed to €2.9 billion in May from €2.4 billion in May last year.

Exports increased at an annual rate of 0.2% in May, while imports dropped by 3.1%.

On a seasonally adjusted basis, exports were up 0.4% month-on month in May, while imports gained by 1.9%.

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

06:00 Switzerland UBS Consumption Indicator May 1.67 Revised From 1.25 1.73

08:00 Germany IFO - Business Climate June 108.5 108.1 107.4

08:00 Germany IFO - Current Assessment June 114.3 114.1 113.1

08:00 Germany IFO - Expectations June 103.0 102.5 102.0

08:30 United Kingdom BBA Mortgage Approvals May 42.0 Revised From 42.1 42.5

09:00 Eurozone Eurogroup Meetings

11:00 U.S. MBA Mortgage Applications June -5.5% 1.6%

The U.S. dollar traded mixed against the most major currencies ahead of the final U.S. gross domestic product (GDP) data. The final U.S. GDP is expected to decline 0.2% in the first quarter.

The euro traded higher against the U.S. dollar on hopes for a deal between Greece and its creditors. Greek Prime Minister Alexis Tsipras is set to meet European Central Bank President Mario Draghi, the International Monetary Fund Managing Director Christine Lagarde and European Commission President Jean-Claude Juncker in Brussels today.

Tsipras said before flying to Brussels that some latest Greek reform proposals were refused by its creditors.

The Eurogroup's meeting is scheduled to be later in the day, while next Eurozone leaders' meeting is scheduled to be tomorrow.

EU officials said on Monday and on Tuesday that a deal could be reached this week.

Meanwhile, the economic data from the Eurozone was weaker than expected. German business confidence index dropped to 107.4 in June from 108.5 in May, missing expectations for a decline to 108.1.

"The outlook for the German economy is overcast," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index fell to 113.1 from 114.3, missing forecasts of a decline to 114.1.

The Ifo expectations index declined to 102 from 103. Analysts had expected the index to decrease to 102.5.

The British pound traded mixed against the U.S. dollar after the number of mortgage approvals data in the U.K. The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Tuesday. The number of mortgage approvals increased to 42,530 in May from 42,020 in April. It was the highest reading since March 2014.

EUR/USD: the currency pair increased to $1.1234

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair fell to Y123.71

The most important news that are expected (GMT0):

12:30 U.S. GDP, q/q (Finally) Quarter I 2.2% -0.2%

13:00 Belgium Business Climate June -4.9 -5.1

13:00 Switzerland SNB Quarterly Bulletin

14:30 U.S. Crude Oil Inventories June -2.676 -1.8

EUR/USD

Offers 1.1220 1.1240-4 1.1280 1.1300 1.1330 1.1350 1.1365

Bids 1.1170 1.1150 1.1130 1.1100 1.1080 1.1050 1.1030 1.1000

GBP/USD

Offers 1.5820-25 1.5850 1.5875 1.5900 1.5925 1.5940 1.5960

Bids 1.5760-65 1.5750 1.5725 1.5700 1.5680 1.5650 1.5630

EUR/GBP

Offers 0.7125 0.7140 0.7150 0.7170 0.7180-85 0.7200 0.7220

Bids 0.7080-85 0.7065 0.7050 0.7030 0.7000

EUR/JPY

Offers 139.30 139.50 139.80 140.00 140.20 140.50 140.80 141.00

Bids 138.75 138.60 138.35 138.00 137.80 137.50

USD/JPY

Offers 124.20-25 124.40 124.50 124.75 125.00 125.25

Bids 123.70-75 123.50 123.20 123.00122.75 122.50 122.30

AUD/USD

Offers 0.7750-60 0.7785 0.7800 0.7825-30 0.7850

Bids 0.7720 0.7700 0.7680 0.7650 0.7630 0.7600

Reuters reported that the European Central Bank (ECB) approved the amount of emergency funding (ELA) that Greece requested for its banks on Wednesday. The amount has not been disclosed.

The European Central Bank (ECB) Tuesday raised the amount the Greek central bank can lend its banks (the emergency liquidity assistance (ELA)) by "a bit less than one billion euros" to around €89 billion, according to Reuters. It was the fourth increase in less than a week.

The International Monetary Fund (IMF) released its annual review of Australia on Wednesday. The IMF warned Australia that its economic growth is likely to remain below potential if the country will not implement reforms.

"Over the medium term and without reform, growth is likely to converge to a slower potential rate, reflecting less capital accumulation and only modest productivity growth. This lower potential would still mean income growth in line with other advanced countries, but significantly slower than Australians have been used to over the last two decades," the IMF said.

The IMF urged Australia to implement tax reform and to increase infrastructure spending.

The IMF also said that the Reserve Bank of Australia might cut its interest rate again if the financial stability risks remained contained.

EUR/USD: $1.1130/40(E624mn), $1.1180(E395mn), $1.1200(E1.2bn)

USD/JPY: Y123.50($280mn), Y123.90/00($282mn), Y125.00($232mn)

EUR/JPY: Y138.40(E443mn)

EUR/STG: stg0.7100(E220mn)

AUD/USD: $0.7820(A$220mn)

USD/CAD: Cad1.2465($300mn)

NZD/USD: $0.6960 (NZ$280mn)

The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Tuesday. The number of mortgage approvals increased to 42,530 in May from 42,020 in April. It was the highest reading since March 2014.

"The numbers show that the property market remains buoyant after the general election. Personal borrowing by British families also seems to be strong -- the uptake of personal loans and credit card borrowing is further proof of consumers' confidence," the chief economist at the BBA, Richard Woolhouse, said.

The French statistical office Insee released its final gross domestic product data for France on Wednesday. The French final GDP rose 0.6% in the first quarter, in line with the preliminary estimate, after a 0.1% increase in the fourth quarter. It was the biggest increase since the second quarter of 2013.

Household spending gained 0.9% in the first quarter, while government spending remained unchanged at 0.5%.

Exports climbed 1.1% in the first quarter, while imports rose 2.6%.

German Ifo Institute released its business confidence figures for Germany on Wednesday. German business confidence index dropped to 107.4 in June from 108.5 in May, missing expectations for a decline to 108.1.

"The outlook for the German economy is overcast," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index fell to 113.1 from 114.3, missing forecasts of a decline to 114.1.

The Ifo expectations index declined to 102 from 103. Analysts had expected the index to decrease to 102.5.

UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.73 in May from 1.67 in April.

April's figure was revised up from 1.25.

The increase was driven by a rise in new car registrations and retailer sentiment. New car registrations rose 6.0% in May, while the retailer sentiment index increased to -11 in May from -12 in April.

These figures indicate robust growth in private consumption.

The Bank of Japan (BoJ) released its May monetary policy meeting minutes on late Tuesday. According to minutes, the country's economy continued to recover moderately. But there are downside risks to the recovery from developments in emerging and commodity-driven economies as well as the Greek debt problem and the possible tightening of monetary policy in the US.

The BoJ expects the consumer price inflation to be "about 0% for the time being" as energy prices remain low.

Private consumption was resilient, while housing investment showed some signs of picking up, the central bank noted.

Minutes showed that the central bank wants to continue its monetary policy until the 2% inflation target will be reached, and it will adjust its monetary policy if needed.

The BoJ decided to keep unchanged its monetary policy at its May meeting.

Economic calendar (GMT0):

Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual

06:00 Switzerland UBS Consumption Indicator May 1.25 1.73

The euro stayed near yesterday's lows. This single currency is still weighed by positive attitude towards the dollar, ECB's quantitative easing and expectations of a deal between Greece and its lenders. Yesterday an official from Greece said that the country is ready to meet its obligations and make a payment to the IMF on June the 30th.

The sterling was suppressed by CBI's data, which showed that UK industry orders fell to their lowest level since July 2013 in June. The CBI Industrial Trends total order book balance fell to -7 from -5 in May. Export orders fell to -17 in June from -7 in May.

Meanwhile U.S. durable orders data for May were mixed, indicating that the country's manufacturing might remain quite weak in the coming months. May durable goods orders fell by -1.8%. The decline was driven by the aircraft industry. Orders except transportation posted +0.5%, ex defense orders posted -2.1%. Nondefense capital goods orders ex aircraft came in at +0.4%. However nondefense aircraft & parts orders fell by 35.3%.

EUR/USD: the pair has traded around $1.1160-85 this morning

USD/JPY: the pair traded around Y123.95

GBP/USD: the pair traded around $1.5725-45

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

08:00 Germany IFO - Business Climate June 108.5 108.1

08:00 Germany IFO - Current Assessment June 114.3 114.1

08:00 Germany IFO - Expectations June 103.0 102.5

08:30 United Kingdom BBA Mortgage Approvals May 42.1

09:00 Eurozone Eurogroup Meetings

11:00 U.S. MBA Mortgage Applications June -5.5%

12:30 U.S. GDP, q/q (Finally) Quarter I 2.2% -0.2%

13:00 Belgium Business Climate June -4.9 -5.1

13:00 Switzerland SNB Quarterly Bulletin

14:30 U.S. Crude Oil Inventories

EUR / USD

Resistance levels (open interest**, contracts)

$1.1348 (3671)

$1.1289 (3350)

$1.1246 (1731)

Price at time of writing this review: $1.1195

Support levels (open interest**, contracts):

$1.1132 (2075)

$1.1091 (4202)

$1.1034 (5066)

Comments:

- Overall open interest on the CALL options with the expiration date July, 2 is 56656 contracts, with the maximum number of contracts with strike price $1,1500 (5273);

- Overall open interest on the PUT options with the expiration date July, 2 is 88053 contracts, with the maximum number of contracts with strike price $1,1000 (13884);

- The ratio of PUT/CALL was 1.55 versus 1.56 from the previous trading day according to data from June, 23

GBP/USD

Resistance levels (open interest**, contracts)

$1.6001 (613)

$1.5902 (702)

$1.5804 (1223)

Price at time of writing this review: $1.5762

Support levels (open interest**, contracts):

$1.5692 (631)

$1.5596 (782)

$1.5498 (639)

Comments:

- Overall open interest on the CALL options with the expiration date July, 2 is 22402 contracts, with the maximum number of contracts with strike price $1,5500 (2544);

- Overall open interest on the PUT options with the expiration date July, 2 is 25710 contracts, with the maximum number of contracts with strike price $1,5100 (2113);

- The ratio of PUT/CALL was 1.15 versus 1.14 from the previous trading day according to data from June, 23

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

(pare/closed(GMT +3)/change, %)

EUR/USD $1,1166 -1,56%

GBP/USD $1,5725 -0,62%

USD/CHF Chf0,9341 +1,37%

USD/JPY Y123,91 +0,45%

EUR/JPY Y138,37 -1,09%

GBP/JPY Y194,85 -0,16%

AUD/USD $0,7733 +0,05%

NZD/USD $0,6851 -0,18%

USD/CAD C$1,2330 +0,15%

(time / country / index / period / previous value / forecast)

06:00 Switzerland UBS Consumption Indicator May 1.25

08:00 Germany IFO - Business Climate June 108.5 108.1

08:00 Germany IFO - Current Assessment June 114.3 114.1

08:00 Germany IFO - Expectations June 103.0 102.5

08:30 United Kingdom BBA Mortgage Approvals May 42.1

09:00 Eurozone Eurogroup Meetings

11:00 U.S. MBA Mortgage Applications June -5.5%

12:30 U.S. GDP, q/q (Finally) Quarter I 2.2% -0.2%

13:00 Belgium Business Climate June -4.9 -5.1

13:00 Switzerland SNB Quarterly Bulletin

14:30 U.S. Crude Oil Inventories June -2.676 -1.8