The euro is advancing in early trading on Monday as Greek banks finally reopen after a 3 week closure due to the country’s bailout talks which is now slowly moving to the sidelines after Greek and German parliaments both approved a 3rd bailout deal for Greece containing austerity reforms.
Although Greek banks reopened, capital controls remain in place along with restrictions on withdrawals but the limit has increased to €420 per day, up from €60.
Earnings season is underway in the U.S. and with a light economic schedule on tap this week and no looming geopolitical story grabbing headlines, investors will likely pay closer attention to the corporate results.
This week a variety of tech earnings will come into focus from Apple, Amazon, IBM, and Microsoft. Some of the other companies reporting this week include financial earnings from Morgan Stanley, American Express, and Citigroup as well as others such as Boeing, Starbucks, Verizon, and Comcast.
There is little U.S. economic data reported this week except for some housing data from June.
On Wednesday existing home sales for June is reported alongside the MBA Mortgage Index for 7/18/15, the FHFA Housing Price Index (May), and crude inventories.
On Thursday initial and continuing jobless claims will be reported as well as leading indicators and natural gas inventories.
On Friday new home sales for June will be released.
Economists from briefing.com are forecasting 555,000 new home sales in June.