A look at the US price situation at the bottom of the hour

Anything to take our minds off Greece is welcome in my book

US PCE and spending/income data from May is out at 12.30 gmt

The core PCE will have much of the market's focus and that's expected to come in unchanged at 1.2% y/y & unchanged at 0.1% m/m vs April

Attention will also be paid to the personal consumption numbers out at the same time

Spending is expected to rise 0.7% m/m vs flat in April and incomes will look to post a rise of 0.5% from 0.4% prior

Any decent uptick in these numbers will bring out the dollar bulls. 124.00 is the near target for them. Core y/y PCE of 1.5% or more will likely see that level taken out. If we hit 1.0% or less then those bulls are going to fighting to keep the price up and we are likely to head lower, at least to the Greek drop low