Considering that July 1 is the start of a new quarter, new month, and new beginning for the second half of 2011, market reacted exactly as one would expect, with optimism and risk appetite…

The most important development for the week was undoubtedly the sovereign debt situation in Greece. With the passing of both bills (Asterity Plan and Implementation) in Greece Parliament, investors can feel relieved as default has been averted. The next important market mover will be ECB’s rate decision on Thursday, followed by NFP from US on Friday.

Since most high impact news events are scheduled at the beginning of the month, next week will be one of the busiest week with 13 tradable releases, and that is after discounting Monday as a holiday (U.S. Independence Day).

Here’s list of tradable releases:

Sunday July 3, 2011 – 9:30pm EST – AU Retail Sales m/m
Tuesday July 5, 2011 – 12:30am EST – AU Interest Rate
Tuesday July 5, 2011 – 4:30am EST – UK Services PMI
Wednesday July 6, 2011 – 10:00am EST – US ISM Non-Manufacturing PMI
Wednesday July 6, 2011 – 6:45pm EST – NZ GDP q/q
Wednesday July 6, 2011 – 9:30pm EST – AU Employment Change
Thursday July 7, 2011 – 7:00am EST – UK BOE Interest Rate
Thursday July 7, 2011 – 7:45am EST – EU ECB Rate Decision
Thursday July 7, 2011 – 8:15am EST – US ADP NFP Employment
Thursday July 7, 2011 – 8:30am EST – EU ECB Press Conference
Thursday July 7, 2011 – 10:00am EST – CA IVEY PMI
Friday July 8, 2011 – 7:00am EST – CA Employment Change
Friday July 8, 2011 – 8:30am EST – US Nonfarm Payroll Employment

… I will probably not trade on Sunday for the Retail Sales report from Australia, but if you are around, trade it because it is probably a good market mover.