All eyes are on the Greek bailout deal, as the troika and the Greek government try to hammer out a deal. The Greek parliament must approve a deeply unpopular austerity package, which promises to be a tough battle. With so much at stake for the eurozone on this vote, the news out of Athens this week promises be anything but dull.

The central bank surprised the markets last week by maintaining interest rates at 4.25%. The markets had predicted a 0.25% cut, which would have likely pushed the aussie downwards.

Last week mixed results were released amid an unexpected drop in Japan’s core machinery orders, with a 7.1% drop in December indicating the stagnating effect of the strong yen and the global slowdown. However consumer sentiment unexpectedly increased to 40 from 38.9 while expected to reach 38.6. Will Japan be able to hold off a deeper decline?

The British Monetary Policy Committee expanded the Asset Purchase Facility by an additional 50 billion pounds to £325, as was expected. The pound rose on news of the QE release, breaking through the 1.59 level, before retracting at the end of the trading week.

Last week positive labor market data was published with an unexpected drop in New Zealand’s unemployment rate in the fourth quarter decreasing to 6.3% from 6.6%, better than the 6.5% predicted. Furthermore, Labor Cost Index improved by 0.7% in the last quarter from 0.5% gain in the third quarter. Will New Zealand continue ots recovery?

ECB President Mario Draghi left rates unchanged and expressed a lot of confidence in the press conference. In a last moment statement, Draghi also left the door open for an ECB contribution to Greece. Unfortunately for Greece, it first has to comply with the troika’s demands and pass harsh austerity legislation, before it is awarded any help.

Last week positive readings were released with surprisingly elevated reading for the Canadian Ivey Purchasing Managers Index (PMI) rising to 64.1 from63.5 in December suggesting a major improvement in the market’s future activity and better than expected housing data with a boost of 11.1% in the Canadian building permits, highest jump since June 2007. Is Canada on a strong recovery path? Let’s Start:

Last week ECB president Mario Draghi’s remark at the ECS press conference provided a loop hole to contribute to the Greek bailout, by suggesting to distribute profits from Greek bonds to Greece. Meantime Greece is in a vicious cycle while the austerity measures posed by the EU paralyze market activity lowering consumption which in turn produces less tax revenues to cover its growing debt. Will Draghi’s suggestion help the struggling nation? Let’s start:

The Purchasing Managers’ indices in the UK were generally better than expected in January, and an official recession now seems less likely. However, another round of QE by the contral bank seems inevitable. Despite stronger US growth, the pound has had a spectacular run, rising over 500 pips against the dollar since mid-January.

Last week Japan showed signs of recovery with better than expected readings in household spending, rising by 0.5% contrary to the 0.1% decline predicted and Prelim Industrial Production jumped 4.0% in November after a 2.7% slide in the previous month, again better than the 2.7% gain anticipated, indicating positive activity in the market. Will this trend continue?