• The USD is trading higher as Greek tensions stay center stage and equity markets decline, Greek five year credit default spreads widened to a record high, investors fear Greece will not receive enough aid in time to avert a debt default, GDP trades lower in reaction to report of below expectation UK mortgage approvals, commodity currencies trade lower pressured by weaker equity markets as European markets decline 1.5% and the Shanghai index closes on a seven-month low, JPY trades higher supported by declining equities and a spike in risk aversion
• Focus turns to today's release of US Case Shiller HPI, consumer confidence, the Goldman hearing and Bernanke testimony on fiscal sustainability
• Australia's Q1 PPI rose 1%, AUD lower
• UK April CBI retail sales +13, +15 was expected, March mortgage approvals 34,905 compared to 33,360 last month, a reading of 38k was expected, net March mortgage lending $2.4bln, GBP lower
• Greek/German ten-year bond spread widens to a new record 689bps,German May GFK consumer confidence survey improved to 3.8 from 3.4 in April, EU import prices for March rose 1.7% compared to 1% last month, EUR lower
• Private economists raise forecasts for Canada GDP to 3.1% from 2.6% in the survey taken in December, unemployment is expected to drop to 8.1% % from original forecast of 8.5%, exports seen growing by 11% in 2010, consumer confidence fell in April 7.8 points to 84.8, CAD lower
• German Chancellor Merkel says that Greece will not receive aid unless certain conditions are met, ECB's Papademos expects the Greek bailout plan to be completed by early May
• Democrats struck a deal among themselves Monday on a reform bill that would force Wall Street banks to get out of derivatives trading, first vote on financial reform failed
• US equity markets set to open lower, European equities 1.5% lower, Nikkei closed 46 points higher

Upcoming Events

• US-Tuesday, February Case Shiller February House Price Index will be released expected at 1.3% compared to -0.7% along with April consumer confidence expected at 53.5 from 52.5 last month
• CAN-Tuesday, Monday, no major Canadian economic data is due for release today

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