by Calculated Risk on 6/07/2012 09:57:00 PM

First, the next two key dates in Europe:
• Monday, June 11th: IMF Report on Spanish Banks
• Sunday, June 17th: Greek Election.

And the last two weeks of June will be very busy!

Also China will be releasing several key economic indicators on Saturday. From Reuters: China rate cut raises fears of grim May economic data

China's surprise rate cut unveiled late on Thursday boosted hopes that cheaper credit would help combat its faltering economic growth ...

But the central bank's cut ... has also raised concerns about a deluge of May Chinese data due this weekend, with Asian shares losing ground on Friday, bracing for ugly numbers.

"The concern is that with industrial production and CPI data coming out of China at the weekend that it's indicative of them knowing something about weak data going forward," said Adrian Schmidt, currency strategist at Lloyds Bank in London.

In the US on Friday:

• At 8:30 AM ET, the Trade Balance report for April will be released. The consensus is for the U.S. trade deficit to decrease to $49.3 billion in April, down from from $51.8 billion in March. Export activity to Europe will be closely watched due to economic weakness. Also oil prices started to decline in April, but that probably won't reduce import prices until May.

• At 10:00 AM, the Monthly Wholesale Trade: Sales and Inventories for April will be released. The consensus is for a 0.5% increase in inventories.