Economic calendar (GMT0):

01:30    Australia             Gross Domestic Product (QoQ)          Quarter I   +0.8%  +0.9%   +1.1%

01:30    Australia             Gross Domestic Product (YoY)           Quarter I   +2.8%                +3.5%

07:48    France                Services PMI (Finally)                         May            49.2      49.2       49.1

07:53    Germany            Services PMI (Finally)                         May            56.4      56.4       56.0

07:58    Eurozone            Services PMI                                      May            53.5      53.5       53.2

08:30    United Kingdom  Purchasing Manager Index Services   May           58.7      58.3       58.6

The U.S. dollar traded higher against the most major currencies due to strong factory orders in the U.S. The U.S. factory orders climbed 0.7% in April, beating expectations for 0.6% increase, after a 1.1% gain in March.

The New Zealand dollar hits 3-month lows against the U.S dollar following a decline in dairy prices. Dairy product prices dropped 4.2% to the lowest level since February 2013. Whole milk powder prices slid 8.5%, extending their drop since a February 5, 2014 auction to 28%.

No economic data was published in New Zealand.

The Australian dollar climbed against the U.S. dollar due to strong economic growth in Australia. The Australian gross domestic product rose 1.1% in the first quarter, exceeding expectations of a 0.9% gain, after a 0.8% increase the previous quarter.

On a yearly basis, the gross domestic product in Australia increased 3.5% in the first quarter, after a 2.8% rise the previous quarter.

The AIG services index for Australia climbed to 49.9 in May from 48.6 in April.

The Japanese yen hits 1-month lows against the U.S. dollar due to overnight gains in U.S. Treasury yields.

EUR/USD: the currency pair declined to $1.3610

GBP/USD: the currency pair decreased to $1.6720

USD/JPY: the currency pair climbed to Y102.80

The most important news that are expected (GMT0):

09:00    Eurozone       Producer Price Index, MoM           April        -0.2%   -0.1%   

09:00    Eurozone       Producer Price Index (YoY)          May         -1.6%   -1.2%   

09:00    Eurozone       GDP (QoQ) (Revised)                   Quarter I  +0.2%  +0.2%  

09:00    Eurozone       GDP (YoY) (Revised)                    Quarter I  +0.9%  +0.9%  

12:00    G7                 G7 Meetings                                                  

12:15    U.S.               ADP Employment Report                May          220        217        

12:30    Canada         Trade balance, billions                    April            0.1      -0.2       

12:30    U.S.              International Trade, bln                    April         -40.4     -40.8     

12:30    U.S.              Nonfarm Productivity, q/q (Finally)  Quarter I  -1.7%   -2.2%   

14:00    Canada         Bank of Canada Rate                                      1.00%   1.00%   

14:00    Canada         BOC Rate Statement                                                  

14:00    U.S.              ISM Non-Manufacturing                    May          55.2      55.6      

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