EUR: Greece to overwhelm this week

Greek developments are likely to overwhelm data this week as noted in detail above. German factory orders (Monday) and IP (Tuesday) are likely to decline 0.5% m/m (consensus: -0.4%) and increase 0.3% m/m (consensus: 0.1%), respectively. France and Italy IP (Friday) should both increase 0.3% m/m (consensus: 0.4% and 0.3%, respectively).