Last week`s weak NFP numbers, which missed estimates by a large number (160k vs 203K), and poor Chinese import and export data overnight have weighed heavily across equities in Asia with the exception of the Nikkei which closed up 0.5% after a weaker JPN boosted exporters and kept the index bid. The ASX 200 shed 0.4% as it sympathized with its largest trading partner and could not find enough buying pressure despite a bid in crude oil. The Shanghai Comp lost 1.5% as the PBOC also decreased its liquidity injections.

European markets continue to be weighed down by political factors as turmoil in Greece continues with further austerity measure being implemented on the Greek people after parliament voted for an increase in social security and pension fund contributions in addition to an increase in tax. The EU continues to be relentless in its punishment of Greece to the point where even the German Vice Chancellor has urged the EU to begin talks in regards to debt relief for Greece. Across the channel, the UK gears up for the BOE`s inflation report due this week, in which the bank is expected to elaborate on the implication of a Brexit as polls have the event roughly even for and against leaving the UK.

Oil prices gained overnight as the “bad for business” (in term of capping supply), Saudi oil Minister, was replaced over the weekend, spurring hopes that Saudi will be more malleable in the current fight for an oil production freeze as supply greatly outweighs the demand in an ever sliding global economy. Supply fears stemming from Canada's wildfires has also led to speculation of decreased supply, edging prices higher.

Today we have Eurogroup meeting taking place, any outcomes that affect the future of the monetary policy of the zone could influence the EUR, especially as regards to the current Greek austerity measures. China is due to release the CPI and PPI y/y data later today which are expected at 2.3% and -3.8% respectively.