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Get ready: It'll be a busy week for traders and here's why!

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This week will be really busy for forex traders with nonfarm payrolls and other data out of the US, two central bank meetings and European PMI - all events that Saxo Bank's John Hardy will be watching to see if the US dollar can consolidate its recent rise. 

He says US data has become increasingly magnified in the markets as traders look for clues as to when the US Federal Reserve may move on interest rates. Among the events, he will be watching will be an interest rate decision in Australia on Tuesday and a European Central Bank meeting on Wednesday.

An OPEC meeting on Friday June 5th will be keeping oil traders busy, says Saxo Bank's Ole Hansen. When OPEC last met in November and agreed to maintain production at 30 million barrels a day, oil prices moved sharply. Question is what the group of oil producers will do this time around.