• The USD is trading lower with EUR supported by a Financial Times report that Greece has agreed to a €24bln austerity package in return for a rescue package from the EU/IMF, the IMF says that Greece may need as much as ¥120bln, Greek credit default spreads continue to narrow, EU inflation rises to its highest level since December 2008, CHF trades higher supported by report of stronger Swiss KOF leading indicator with gains limited by SNB intervention pledge, GBP trades sideways with gains limited by UK election uncertainty and selling in cross trade to the EUR, commodity currencies trade higher as gold rises to a new high for the year and crude oil prices trade near $86 a barrel, AUD supported by report of rising private sector credit demand, JPY trades lower as stocks rally and it appears that Greece will be rescued, EU/IMF Greek rescue deal expected this weekend, the Greek news fuels risk appetite
• Focus turns to today's release of US Q1 GDP, Chicago PMI and Michigan consumer sentiment and Canada's GDP and material prices
• Japans manufacturing PMI rises to 53.5 from 52.4 in March, March CPI falls 1.2%, March unemployment rate rose to 5% and household spending rose by 4.4%, BOJ leaves monetary policy unchanged, reaffirms commitment to easy monetary policy, JPY lower
• Australia's March private sector credit rose by 0.5%,AUD higher
• EU March unemployment unchanged at 10%, April inflation rose by 1.5%,Barroso said the EU and IMF are making rapid progress on a Greek rescue package, no Greek debt restructuring in the package, EUR higher
• Swiss April KOF leading indicator rose to 1.99, SNB's Hildebrand says the central bank will act to
• BOC Governor Carney says that strong CAD may impact inflation and monetary policy, he sees risks from Greece and rising global debt, CAD flat
• Q1 foreclosures dropped in 14 of 20 major metropolitan areas
• US equity markets set to open higher, European equities 0.25% lower, Nikkei closed 132 points higher

Upcoming Events

• US-Friday, advanced Q1 GDP will be released expected at 3.4% along with April Chicago PMI expected to rise to 60 from 58.8 last month and April final Michigan consumer sentiment expected at 71 compared to 69.5 last month
• CAN-Friday, February GDP will be released expected at 0.3% along with March material prices expected at 0.6%

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