Events and data ahead to build a positive case for USD in the next week. “A generally risk averse / USD positive tone should pervade global markets next week and keep the USD ascendant. The odds of a market friendly resolution to Greece look vanishingly small given that electoral/ parliamentary support for concessions on both sides – Greece and Germany – has fallen dramatically in the wake of last weekend’s referendum.” “Then there’s the ongoing anxiety around what the bursting of China’s equity bubble means for other asset markets and the real economy, not to mention the confidence sapping impact of the crude and apparently impotent efforts by officials to stem the slide.” “Net net with substantial uncertainty pervading global markets on two disparate fronts the USD should build on recent gains.” “Chair Yellen may sound a touch more cautious given elevated global risks though we suspect her base case will still be for lift off this year. That and upside risks to the US data, given that our surprise index has yet to hit a local maximum, should add to the positive narrative for the USD next week.”