It's looking like a very sleepy start to the week as the Whit Monday public holiday affects much of Western Europe. The only scheduled economic data is not expected until this afternoon, and even then, the scope for US existing home sales (exp: 5.65m, prev: 5.35m) to have any significant bearing on the FX markets is slight. Instead we expect much of the market's sentiment to be driven by headline risk - especially regarding the fragile state of the Eurozone. The currency has seemingly managed to find a firmer footing in the past couple of sessions, but one cannot underestimate how nervous markets still are, and EURUSD remains acutely vulnerable to further shocks. Currently the most predictable risk seems to lie in Spain, as suggestions swirl from Spain's largest union that it could call general strikes over planned austerity measures. Given the pictures of violent protests in Greece in the past month, the prospect of such scenes in a much larger and more economically significant cousin does not seem likely to sit well with investors. From the data side, the economic calendar does pick up from tomorrow; with the first significant release on Tuesday expected to be the 2nd reading of UK Q1 GDP. The first print was a firm 0.2% QoQ, but notably, the past couple of quarters' data have tended to enjoy upward revisions in subsequent readings, so consensus is looking for a slight amendment higher to 0.3% QoQ. US data also notches up a gear from tomorrow with the release of consumer confidence on Tuesday (59.0 expected, 57.9 prior), then Wednesday's durable goods orders (1.5% expected, -1.3% prior) and new home sales (425k expected, 411k last). Working to a similar schedule to the UK figures, we will also see the 2nd reading of US Q1 GDP on Thursday - however in contrast to the trend for UK data to be increased in subsequent revisions, the US numbers have actually been more variable under revision. On this occasion, markets are looking for 3.4% QoQ (annualized) rate (up from the prior 3.2% reading); but we feel there is more likely to be potential for undershoot in these numbers so prefer to be short USDJPY going into the rest of this week as a one-size-fits-all way to play the global uncertainty/US weakness.