Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

01:30 Australia Gross Domestic Product (YoY) Quarter I 2.5% 2.1% 2.3%

01:30 Australia Gross Domestic Product (QoQ) Quarter I 0.5% 0.7% 0.9%

01:45 China HSBC Services PMI May 52.9 53.5

06:00 United Kingdom Nationwide house price index, y/y May 5.2% 4.7% 4.6%

06:00 United Kingdom Nationwide house price index May 1.0% 0.3% 0.3%

07:50 France Services PMI (Finally) May 51.4 51.6 52.8

07:55 Germany Services PMI (Finally) May 54.0 52.9 53.0

08:00 Eurozone Services PMI (Finally) May 54.1 53.3 53.8

08:30 United Kingdom Purchasing Manager Index Services May 59.5 59.2 56.5

09:00 Eurozone Retail Sales (MoM) April -0.6% Revised From -0.8% 0.7% 0.7%

09:00 Eurozone Retail Sales (YoY) April 1.7% Revised From 1.6% 2.0% 2.2%

09:00 Eurozone Unemployment Rate April 11.2% Revised From 11.3% 11.2% 11.1%

11:00 U.S. MBA Mortgage Applications May -1.6% -7.6%

11:45 Eurozone ECB Interest Rate Decision 0.05% 0.05%

The U.S. dollar traded higher against the most major currencies ahead of U.S. economic data. According the ADP report, private sector in the U.S. is expected to add 200,000 jobs in May.

The U.S. trade deficit is expected to marrow to $44.0 billion in April from $51.4 billion in March.

The ISM non-manufacturing purchasing managers' index is expected to decline to 57.0 in May from 57.8 in April.

The euro declined against the U.S. dollar ahead of the European Central Bank's (ECB) press conference. Earlier today, the ECB released its interest decision. The central bank kept its interest rate unchanged at 0.05%.

Meanwhile, the economic data from the Eurozone was better than expected. Eurozone's unemployment rate fell to 11.1% in April from 11.2% in March. It was the lowest level since February 2012.

March's figure was revised down from 11.3%.

Analysts had expected the unemployment rate to remain unchanged at 11.2%.

Retail sales in the Eurozone rose 0.7% in April, in line with expectations, after a 0.6% fall in March. March's figure was revised up from a 0.8% drop.

The increase was driven by higher food, drinks and tobacco sales, which rose 1.3% in April.

Gasoline sales were up 0.6% in April, while non-food sales increased 0.3%.

On a yearly basis, retail sales in the Eurozone rose 2.2% in April, beating forecasts of a 2.0% gain, after a 1.7% increase in March. March's figure was revised up from a 1.6% rise.

The annual rise was driven by non-food sales, which gained 3.3%, and by gasoline sales, which increased 3.2%.

The Greek debt crisis continues to weigh on the euro. The European Commission President Jean-Claude Juncker meets Greek Prime Minister Alexis Tsipras in Brussels on Wednesday. Juncker is expected to provide details of a proposal designed to avert a Greek default.

The British pound traded lower against the U.S. dollar after the weaker-than-expected services PMI from the U.K. Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. fell to 56.5 in May from 59.5 in April, missing expectations for a fall to 59.2. It was the lowest level since December 2014.

The decline was driven by a lower increase in new business.

The Canadian dollar traded lower against the U.S. dollar ahead of Canadian trade data. The Canadian trade deficit is expected to narrow to C$2.1 billion in April from C$3.02 billion in March.

EUR/USD: the currency pair fell to $1.1102

GBP/USD: the currency pair decreased to $1.5252

USD/JPY: the currency pair rose to Y124.49

The most important news that are expected (GMT0):

12:15 U.S. ADP Employment Report May 169 200

12:30 Eurozone ECB Press Conference

12:30 Canada Trade balance, billions April -3.02 -2.1

12:30 U.S. International Trade, bln April -51.37 -44

14:00 U.S. ISM Non-Manufacturing May 57.8 57.0

18:00 U.S. Fed's Beige Book

18:15 U.S. FOMC Member Charles Evans Speaks