The euro rose substantially against the US dollar came close to the level of $ 1.13. Despite the growing uncertainty around Greece and the fall of the chances of reaching an agreement this week, interest in buying back the euro. The fall in the bond market in Germany led to increased yields on 10-year securities to new yearly highs, which supported the euro rally. Today, some media reported, citing sources, that the international creditors at a meeting in Berlin reached a consensus on the parameters of proposals to the government of Greece. Earlier, a source in official circles of Greece said that the European Central Bank increased the limit of the amount of funding Greek banks in the framework of emergency provision of liquidity (ELA) by 500 million euros. The total amount of funding for Greece ELA is now 80.7 billion euros, the source said. Meanwhile, the Ministry of Finance of Germany Schaeuble said that the talks between Greece and its European partners can be delayed for a longer period than expected. He once again showed pessimism, called "unjustified" any expression of optimism on this issue.

A little influenced by the statements of the ECB Draghi. During the press conference, Draghi said that inflation will accelerate later this year and will continue to rise in 2016 and 2017. Inflation forecasts for 2015 revised to increase as expected, the ECB revised its inflation forecasts for the current year upwards, while the assessment for 2016 and 2017. remained unchanged. Now the ECB expects inflation in 2015 will increase by 0.3% against the March estimate of 0%. In 2016 and 2017 inflation is expected to rise by 1.5% and 1.8%, respectively. Draghi added that the QE program will support inflation expectations and domestic demand will remain the main driver of the economic recovery. Meanwhile, the head of the ECB said that the ECB wants Greece to remain in the euro area, but it is necessary to reach an agreement - this, which would have resulted in economic growth was supported by fiscal and solve problems remaining sources of financial instability.

The pound appreciated sharply against the dollar, returning all previously lost positions today, due to expectations of the meeting of the Central Bank of Britain. Recall, on Thursday will be announced the results of the next meeting of the Bank of England, which experts do not expect a change in monetary policy. Leaders of the Bank of England is expected to grow the UK economy in the 2nd quarter accelerated after a weak start of the year. In May, all nine members of the Monetary Policy voted to leave its key interest rate at a record low 0.5%, and the volume of bond purchases - at the level of 375 billion pounds.

Previously, the pressure on the pound had evidence of business activity in the services sector. UK service sector expanded weakest pace in five months in May as the pace of growth in output and new business deteriorated, showed on Wednesday the results of research by Markit Economics. The seasonally adjusted index of purchasing managers in the UK for services from Markit / CIPS, fell to 56.5 in May from 59.5 in April. However, any reading above 50 indicates expansion in the sector. Last index decline was the steepest since August 2011, but it is still above its long-term average of 55.2. New orders received in the UK services sector grew twenty-ninth consecutive month in May, but the pace of growth was the slowest since December 2014.

The European Central Bank (ECB) on Tuesday raised the amount the Greek central bank can lend its banks by €500 million to €80.7 billion from €80.2 billion.

The Organization for Economic Cooperation and Development (OECD) released its growth forecast on Wednesday. The OECD downgraded its global growth outlook.

"The global economy is projected to strengthen, but the pace of recovery remains weak and investment has yet to take off," the OECD Secretary-General Angel Gurria.

The OECD expect the U.S. will grow at 2.0% in 2015, down from the previous estimate of 3.1%, and at 2.8% in 2016, down from the previous estimate of 3.0%. The stronger dollar and adverse weather weighed on the U.S. economic growth, according to OECD.

Japan's economy is expected to grow at 0.7% in 2015 and at 1.4% in 2016, down from November estimate of 0.8% for 2015 and up 1.0% for 2016.

Eurozone's forecasts were upgraded to 1.4% in 2015 from the previous estimate of 1.1% and to 2.1% in 2016 from the previous estimate of 1.7%.

China is expected to expand at 6.8% in 2015, down from 7.1% estimate in November. Growth forecast for 2016 was downgraded to 6.7% from the previous estimate of 6.9%.

Global GDP is estimated to grow 3.1% in 2015 and 3.8% in 2016, down from 3.6% and from 3.9%.

The Institute for Supply Management released its non-manufacturing purchasing managers' index for the U.S. on Wednesday. The index fell to 56.2 in May from 57.4 in April, missing expectations for a decrease to 56.4. It was the lowest level since April 2014

A reading above 50 indicates a growth in the service sector.

The decline was partly driven by a drop in the business activity/production index, which declined to 59.5 in May from 61.6 in April.

The ISM's new orders index decreased to 57.9 in May from 59.2 in April.

The ISM's employment index declined to 55.3 in May from 56.7 in April.

The ISM's price index rose to 55.9 in May from 50.1 in April.

Markit Economics released its final services purchasing managers' index (PMI) for the U.S. on Wednesday. The final U.S. services PMI declined to 56.2 in May from 57.4 in April, down from the preliminary reading of 56.4.

A reading over 50 indicates expansion in the sector.

The downward revision was driven by weaker than previously estimated new business index, which decreased to 55.7 in May from 57.7 in April, down from the preliminary reading of 55.8.

"Slowing service sector growth adds to signs that the U.S. economy has lost some momentum after an initial bounce-back from weather-related weakness at the start of the year," Markit Economics Chief Economist Chris Williamson noted.

The European Central Bank (ECB) President Mario Draghi presented new inflation and growth forecasts at a press conference on Wednesday. The ECB forecasts an annual inflation at 0.3% in the Eurozone in 2015, up from the previous estimate of 0.0%, 1.5% in 2016 and 1.8% in 2017.

The central bank expects the annual real GDP to expand at 1.5% in 2015, at 1.9% in 2016 and at 2.0% in 2017, down from the previous estimate of 2.1%.

The European Central Bank (ECB) President Mario Draghi said at a press conference on Wednesday that the central will continue its asset buying programme until September 2016 or as long as needed.

"We have to look through the medium term, until the objectives has been reached in a sustained fashion," Draghi noted.

"The full implementation of all our monetary policy measures will provide the necessary support to the economic recovery in the euro area and lead to a sustained return of inflation rates towards levels below, but close to, 2 percent in the medium term," he added.

The ECB president pointed out that the economy should recover and domestic demand should be supported by quantitative easing, adding that recovery is on track according to the central bank's projections.

Draghi noted that the economic growth in the Eurozone could remain low due to "the sluggish pace of implementation of structural reforms".

"The risks surrounding the economic outlook for the euro area have become more balanced on account of our monetary policy decisions and oil price and exchange rate developments. Inflation bottomed out at the beginning of the year," Draghi said.

He also said that he wants Greece to stay in the Eurozone, "but it has to be a strong agreement".

Draghi declined to comment on the debt talks between Greece and its creditors.

The central bank kept its interest rate unchanged at 0.05%.

The Nationwide Building Society released its house price index for the U.K. on Wednesday. The U.K. Nationwide house price index increased 0.3% in May, in line with expectations, after a 1.0% rise in April.

On a yearly basis, the U.K. Nationwide house price inflation was up to 4.6% in May from 5.2% in April. It was the slowest rise since August 2013.

Analysts had expected the index to drop to 4.7%.

"However, much will depend on supply side developments. In recent years the rate of building activity has remained well below that required to keep up with population growth," Nationwide's chief economist Robert Gardner noted.

He added that the house price increase is expected "to converge with earnings growth, which has typically been around 4 percent per annum".

EUR/USD: $1.1000(E937mn), $1.1100(E585mn), $1.1205(E475mn), $1.1275(E803mn), $1.1300(E1.2bn)

USD/JPY: Y123.00($1.0bn), Y124.00($670mn), Y124.60($240mn), Y125.00(425mn)

AUD/USD: $0.7650(A$455mn), $0.7700(A$447mn), $0.7800(A$683mn)

USD/CAD: C$1.2460($330mn), C$1.2550($385mn)

Statistics Canada released the trade data on Wednesday. Canada's trade deficit narrowed to C$2.97 billion in April from a deficit of C$3.85 billion in March.

March's figure was revised down from a deficit of C$3.02 billion.

Analysts had expected a trade deficit of C$2.1 billion.

The declined in deficit was driven by lower imports. Imports fell 2.5% in April.

Imports of motor vehicles and parts climbed by 2.7%, imports of metal and non-metallic mineral products plunged 11.3%, imports of energy products increased 7.4%, while imports of consumer goods dropped 6.2%.

Exports decreased 0.7% in April. Exports of energy products climbed by 5.9%, exports of consumer goods dropped 6.0%, while exports of forestry products and building and packaging materials fell 5.0%.

The U.S. Commerce Department released the trade data on Wednesday. The U.S. trade deficit narrowed to $40.88 billion in April from a deficit of $50.57 billion in March.

March's figure was revised up from a deficit of $51.37 billion.

Analysts had expected a trade deficit of $40.3 billion.

The decline of a deficit was driven by lower imports. Imports fell by 3.3% in April, while exports increased by 1.0%.

A stronger U.S. dollar weighs on exports as it makes U.S. goods and services less affordable abroad.

Exports to China declined 5.8%.

Private sector in the U.S. added 201,000 jobs in May, according the ADP report on Wednesday.

April's figure was revised down to 165,000 jobs from a previous reading of 169,000 jobs.

Analysts expected the private sector to add 200,000 jobs.

The increase was driven by a job creation in the services sector.

"If we just maintain this rate of growth, by almost every estimate we will be back to full employment by this time next year" the Chief Economist of Moody's Analytics Mark Zandi said.

Official labour market data will be released on Friday. Analysts expect that U.S. unemployment rate is expected to remain unchanged at 5.4% in May. The U.S. economy is expected to add 227,000 jobs in May, after adding 223,000 jobs in April.

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

EUR/USD

Offers 1.1160 1.1185 1.1200 1.1220 1.1250 1.1275 1.1300 1.1330

Bids 1.1120 1.1100 1.1080 1.1050 1.1030 1.1000 1.0980 1.0940 1.0925 1.0915 1.0900

GBP/USD

Offers 1.5360 1.5385 1.5400 1.5425-30 1.5450 1.5480 1.5500

Bids 1.5320 1.5300 1.5280 1.5260 1.5240 1.5225 1.5200 1.5185 1.5165 1.5150

EUR/GBP

Offers 0.7285 0.7300 0.7325 0.7350 0.7365 0.7380 0.7400

Bids 0.7240 0.7225 0.7200 0.7180-85 0.7165 0.7140 0.7120 0.7100

EUR/JPY

Offers 136.80 137.00 137.30 137.50 138.00

Bids 136.00 135.80 135.50 135.30 135.00 134.80 134.40 134.00

USD/JPY

Offers 124.80 125.00 125.20 125.50 125.75 126.00

Bids 124.40 124.20 124.00 123.80 123.50 123.30 123.00 122.75-80 122.50

AUD/USD

Offers 0.7825 0.7850 0.7865 0.7885 0.7900 0.7925

Bids 0.7750 0.7730 0.7700 0.7685 0.7650 0.7625-30 0.7600

Eurostat released its unemployment data for the Eurozone on Wednesday. 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%.

There were 17.846 million unemployed in the Eurozone in April, down 130,000 from March.

The lowest unemployment rate in the Eurozone in April was recorded in Germany (4.7%), and the highest in Greece (25.4% in February 2015) and Spain (22.7%).

The youth unemployment rate declined to 22.3% in the Eurozone in April from 22.6% in March.

Eurostat released its retail sales data for the Eurozone on Wednesday. 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%.

Food, drinks and tobacco sales rose 1.1%.

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.

A reading above 50 indicates expansion in the sector.

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

"Rate hikes later this year should not be ruled out: there are signs that the disappointing rate of expansion is only temporary, linked to uncertainty surrounding the general election, and the surveys point to rising inflationary pressures as well as a further tightening of the labour market," the Chief Economist at Markit Chris Williamson said.

EUR/USD: $1.1000(E937mn), $1.1100(E585mn), $1.1205(E475mn), $1.1275(E803mn), $1.1300(E1.2bn)

USD/JPY: Y123.00($1.0bn), Y124.00($670mn), Y124.60($240mn), Y125.00(425mn)

AUD/USD: $0.7650(A$455mn), $0.7700(A$447mn), $0.7800(A$683mn)

USD/CAD: C$1.2460($330mn), C$1.2550($385mn)

Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final services purchasing managers' index (PMI) fell to 53.8 in May from 54.1 in April, down from a preliminary reading of 53.3.

The upward revision was driven by stronger than previously estimated services PMI from France.

Germany's final services PMI decreased to 53.0 in May from 54.0 in April, up from a preliminary reading of 52.9.

France's final manufacturing PMI rose to 52.8 in May from 51.4 in April, up a preliminary reading of 51.6.

The Australian Bureau of Statistics released its gross domestic product (GDP) data on Wednesday. Australia's GDP climbed 0.9% in the first quarter, exceeding expectations for a 0.7% gain, after a 0.5% rise in the fourth quarter.

On a yearly basis, Australia's GDP rose 2.3% in the first quarter, beating expectations for a 2.1% increase, after a 2.4% gain in the fourth quarter. The fourth quarter's figure was revised down from 2.5% rise.

Final consumption spending was up 0.5% quarter-on-quarter and 2.4% year-on-year.

Terms of trade dropped 2.9% quarter-on-quarter and 11.4% year-on-year, while real net national disposable income increased 0.2% quarter-on-quarter and fell 0.2% year-on-year.

On seasonally adjusted basis, mining rose 0.3%, financial and insurance services climbed 0.2%, while construction declined 0.1%.

The Australian Industry Group released its services purchasing managers' index (PMI) for Australia on late Tuesday. Australia's PMI fell to 49.6 in May from 49.7 in April.

A reading below 50 indicates a contraction of the sector.

The sales, new orders, supplier deliveries and stock levels subindex contracted, while employment subindex expanded.

The three-month moving average for the services PMI fell 0.7 points to 49.8.

Auto sales in the U.S. increased in May due to easy-to-get loans and cheap gasoline. U.S. auto sales reached 17.79 million in May on a seasonally adjusted annualized basis, the highest since summer 2005.

The increase was driven by sales of pickup trucks and SUVs.

GM sales climbed 3% in May, Fiat Chrysler Automobiles' sales increased 4%, Ford Motor Co sales decreased 1%, Toyota Motor Corp and Nissan Motor Co both declined less than 1%, while Honda Motor Co sales jumped 10.6%.

OECD released its consumer price inflation (CPI) data. Consumer price inflation in the OECD area declined to an annual rate of 0.4% in April from 0.6% in March.

The decline was driven by lower energy prices, which dropped 11.5%. Food prices decreased to 1.7% in April from 1.9% in March.

CPI excluding food and energy in the OECD area fell to an annual rate to 1.6% in April from 1.7% in March.

April's CPI was 0.1% in the U.K., 0.8% in Canada, 0.5% in Germany and 0.6% in Japan. The consumer price inflation in Russia reached 16.4% in April.

(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

Australia's currency strengthened after the nation's economic growth beat estimates, while Chinese stocks slumped. Australia's gross domestic product increased 0.9 percent from the final three months of 2014, when it rose 0.5 percent, government data showed. That compared with the median economist estimate for a 0.7 percent gain.

The European Central Bank meets on Wednesday amid speculation over the future of its stimulus program and the outlook for a Greek debt deal.

Greek Prime Minister Alexis Tsipras will meet European Commission President Jean-Claude Juncker after creditors agreed on a document designed to avert a default that will be presented to Greece. The ECB will announce its interest-rate decision at 1:45 p.m. Frankfurt time, and President Mario Draghi will hold his press conference 45 minutes later.

EUR / USD: during the Asian session the pair rose to $ 1.1175

GBP / USD: during the Asian session the pair rose to $ 1.5360

USD / JPY: during the Asian session the pair fell to Y123.85

UK services PMI at 0830GMT (median 59.2) provides the main domestic interest. Greece remains in focus, with attention on today's ECB rate decision/Draghi press conference. Interest rates to remain a key driver.

EUR / USD

Resistance levels (open interest**, contracts)

$1.1329 (5899)

$1.1264 (6742)

$1.1219 (4985)

Price at time of writing this review: $1.1170

Support levels (open interest**, contracts):

$1.1125 (2198)

$1.1080 (3661)

$1.1050 (7723)

Comments:

- Overall open interest on the CALL options with the expiration date June, 5 is 117977 contracts, with the maximum number of contracts with strike price $1,1000 (6071);

- Overall open interest on the PUT options with the expiration date June, 5 is 133869 contracts, with the maximum number of contracts with strike price $1,0800 (8351);

- The ratio of PUT/CALL was 1.13 versus 1.13 from the previous trading day according to data from June, 2

GBP/USD

Resistance levels (open interest**, contracts)

$1.5501 (2346)

$1.5401 (1438)

$1.5404 (2063)

Price at time of writing this review: $1.5362

Support levels (open interest**, contracts):

$1.5296 (2295)

$1.5198 (2126)

$1.5099 (1479)

Comments:

- Overall open interest on the CALL options with the expiration date June, 5 is 36182 contracts, with the maximum number of contracts with strike price $1,5700 (2606);

- Overall open interest on the PUT options with the expiration date June, 5 is 52566 contracts, with the maximum number of contracts with strike price $1,5000 (3088);

- The ratio of PUT/CALL was 1.45 versus 1.46 from the previous trading day according to data from June, 2

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

(pare/closed(GMT +3)/change, %)

EUR/USD $1,1151 +2,06%

GBP/USD $1,5341 +0,93%

USD/CHF Chf0,933 -1,36%

USD/JPY Y124,08 -0,54%

EUR/JPY Y138,36 +1,53%

GBP/JPY Y190,35 +0,40%

AUD/USD $0,7769 +2,07%

NZD/USD $0,7177 +1,05%

USD/CAD C$1,2403 -0,98%

(time / country / index / period / previous value / forecast)

01:30 Australia Gross Domestic Product (YoY) Quarter I 2.5% 2%

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

01:40 China HSBC Services PMI May 52.9

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

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

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

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

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

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

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

09:00 Eurozone Retail Sales (YoY) April 1.6% 2.0%

09:00 Eurozone Unemployment Rate April 11.3% 11.2%

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

11:45 Eurozone ECB Interest Rate Decision 0.05%

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

13:45 U.S. Services PMI (Finally) May 57.4 56.4

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

14:30 U.S. Crude Oil Inventories May -2.802 -0.857

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

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