EUR/USD (a 4-hour chart)
The last week main event was the USA May labor market report. The leading indicators showed the Non-Farm growth rate. Before publishing the report, there was a moderate increase in the dollar index basket DXY. The final report presented to market participants a little surprise - the overall unemployment rate remained unchanged at 6.3%, while the non-farm payrolls index came in as a forecast. This release once again confirmed that the U.S. economy came out of "hibernation" that supports the demand for the national currency. Before the U.S. Federal Reserve next meeting it is less than two weeks and the upward trend in the labor market will allow monetary regulator to reconsider its development plans for the immediate future.
The Bundesbank raised its forecast for GDP growth in Germany in 2014, but lowered its inflation forecast. The head ECB Constancio said that the ECB had additional tools for the policy easing in the form of lower rates and asset purchases. The UK trade deficit widened in April to £ 9,6 billion, compared with £ 8,3 billion in March and expectations at £ 8,7 billion.
The main event of the week is, of course, the decision announce on the FOMC next meeting, which will decide the monetary policy future.