This week, the euro could test the 1.107 level

Revision of the US GDP downward for Q1 2015 put pressure on the world's reserve currency at the end of last week and pushed the euro to the $1.1 level.

This week attention should be paid to the OPEC meeting, to Greece fulfilling its obligations to repay the debt to the IMF, and to May statistics on the US labor market.

Despite the fact that the OPEC countries are likely to keep the oil production quotas unchanged, the prices for black gold may remain above 61.3 dollars per barrel against the background of a continuing decline in oil production and the number of drilling rigs in the United States. In perspective, the stabilization of the economic situation in the eurozone and China will lead to an increased oil consumption in the world. This week, the commodity currencies may adjust against the US dollar: the Aussie - to the 0.77 level, the Kiwi - to around 0,718, the USD/CAD pair- to the 1.2323 level.

On June 3, M.Draghi's speech concerning the eurozone's monetary policy is able to support the euro. If the IMF agrees to Greece repaying its loan in one tranche in late June, rather than in several ones, the EUR/USD pair could rise above the 1,107 level.

Growth in the number of jobs outside the US agricultural sector, expected in May, is likely to push the USD/JPY pair to the 125 level.

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