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EU Recovery Fund talks
- European Commission proposed that the 750 billion EUR recovery facility could be made up of two-thirds grants and the rest in loans
- A compromise could come down to 70% of the fund being broken down in grants and loans while leaving the remainder up for distribution until 2023
- Eurogroup meetings to resume on July 9 while heads of state are gearing up for another meeting on July 17-18
Low-tier euro zone data
- German factory orders (July 6, 7:00 am GMT) to show 15.1% rebound from earlier 25.8% slide
- Eurozone Sentix investor confidence index (July 6, 9:30 am GMT) to improve from -24.8 to -10.8
- Eurozone retail sales (July 6, 10:00 am GMT) to print a 15% increase after earlier 11.7% drop
- German industrial production (July 7, 7:00 am GMT) to increase by 10.1% after previous 17.9% slump
- EU economic forecasts (July 8) to indicate any revisions to growth and inflation projections related to COVID-19 pandemic
Low-tier Swiss data
- SNB foreign currency reserves (July 7, 8:00 am GMT) to reveal whether or not the central bank is gradually intervening in the forex market
- Swiss jobless rate (July 8, 6:45 am GMT) to climb from 3.4% to 3.6%
- Stochastic shows that euro pairs are mostly on neutral grounds, with only EUR/AUD, EUR/CHF, and EUR/NZD indicating oversold conditions.
- Franc pairs are looking more mixed, as CHF/JPY and NZD/CHF are looking bearish in the overbought region based on Stochastic.