J. Yellen expects the interest rates in the US to grow in the current year

Last week, the euro closed around the 1,116 level, although it tested the 1.0915 mark in a single moment.

The single European currency is rising amid expectations that Greece will soon receive financial support from the international lenders. The European Commission believes that the Greek proposals for reform in return for new loans from the European Union, as a whole, are consistent with the creditors' proposals that had been made to Athens before the referendum. If this week Greece receives a loan from the European lenders, the euro will rush to the 1.14 level.

Despite the increased optimism, the expected increase of the federal funds rate in the US in 2015 by the US Federal Reserve Chairman J. Yellen is able to trigger a sell-off of not only the euro but also of a broad class of risky assets in the medium term. Based on the interim structure of interest rates on the US Treasury bonds, and the ****ually improving macroeconomic statistics on the US, we can assume that the country's key interest will be raised in December 2015.

This week, it is worth paying attention to the Bank of Canada and the ECB meetings, the statistics on inflation and unemployment in the UK, and the diverse macro-economic statistics for China and the United States. In the short term, the British currency may rise to the 1.56 level, and the USD/JPY pair may fall to the 123.5 level.

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