RealMoney Pro contributor Chris Versace breaks down some of the biggest pieces of economic data this week and what this means for the likelihood of the Federal Reserve raising rates. Versace says recent economic data indicates that the U.S. economy has not gotten demonstratively better. Versace cites U.S. PMI that showed the slowest order growth in 18 months. At the same time, personal income rose 0.4% in April while personal spending came in flat, showing that Americans are saving more than they're spending. With a tepid economic recovery here in the U.S., Versace reveals which geographies he's favoring right now. He says he's focusing on the eurozone -- Spain and Italy in particular as they were two of the best performing eurozone countries in May. For investors, that means taking a look at the iShares MSCI Spain Capped (EWP) and the iShares MSCI Italy Index (EWI). Plus, Versace reveals what aspects of the non-farm payrolls report for May he'll be tuning in to on Friday.