European focus this week should be on Greek discussions

The main European focus this week should be on Greek discussions which remain very fluid. On Friday, the ECB again raised the ELA limit for Greek banks. Today's emergency Eurogroup meeting offers the next potential for a breakthrough in negotiations. Beyond Greece, the main data out of Europe this week will be Euro area flash PMIs on Tuesday, and money/credit data on Friday. 

"Our economists look for the June PMIs to be mixed-with a small pickup in manufacturing and a leveling off of services-which should be consistent with decent Q2 Euro area growth of 0.4% q/q. Money & credit data will reveal a first look at the Q2 credit environment, and our economists expect the theme of 'slow improvement' to continue. Our expectations for the key figures are in line with consensus",says RBC Capital Markets.