European session:

07:55     Germany     Purchasing Manager Index Manufacturing     May     62.0     58.2     57.7
08:00     Eurozone     Purchasing Manager Index Manufacturing     May     58.0     54.8     54.6
08:30     United Kingdom     Purchasing Manager Index Manufacturing     May     54.4     54.0     52.1
08:30     United Kingdom     Consumer credit, bln     April     0.1     0.3     0.1

The euro erased an advance versus the dollar on speculation European Union officials may seek to encourage bondholders to continue lending to Greece.
Investors may be offered preferred status, higher coupon payments or collateral as inducements to buy bonds replacing Greek debt maturing between 2012 and 2014, said two people with knowledge of discussions by policy makers, who declined to be identified because the talks are in progress.
So-called negative incentives are also under consideration, such as cutting off old Greek bonds from eligibility for use as collateral with the European Central Bank, the people said.

EUR/USD: the pair traded within the limits of $1.4383-$1.4440.

US data starts at 1100GMT with the weekly MBA Mortgage Application Index, which is followed at 1130GMT by Challenger Layoffs and then at 1145GMT by the weekly ICSC-Goldman Store Sales data. Also today in the US, domestic-made light vehicle sales are expected to slow to a 9.7 million annual rate in May after the slight improvement in April. The seasonal adjustments factors for May tend to be one of the strictest, so raw sales will need to be strong to keep the seasonally adjusted selling rate steady or rising. US data continues with the 1215GMT relesae of the latest ADP National Employment Report.