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On Friday, when markets are closed worldwide for Easter, the official US jobs report will be issued. March nonfarm payroll growth is anticipated to be 240,000. With volatility rising around the NFP publication, trading volume is anticipated to be low. There won’t be much activity before or after.
Holidays and a quiet economic calendar in Asia call for little price movement in the near future. Later, a major economic report will set the stage for volatile changes on the FX market, including huge spreads, in light of thin trading circumstances.
The G10’s top performance on Thursday was the Euro. With a 2% increase in February’s Industrial Output, Germany delivered another impressive report. The EUR/USD has risen over 1.0900 and has a neutral to bullish outlook.
Despite a minor increase in USD/CAD on Thursday, the Loonie outperformed the AUD and NZD in response to Canadian employment data. 35,000 new jobs were created in the economy in March, exceeding estimates. The Bank of Canada will likely remain on hold the following week. USD/CAD remained under 1.3500.
Economic Data
Initial Jobless Claims decreased to 228,000 in the US, following sharply negative revisions that indicate a looser labour market. According to data reported this week, the labour market is beginning to appear less tight, but the NFP will have the ultimate say. 240,000 more people will be hired, while the unemployment rate is forecast to remain at 3.6%. Earnings will also be carefully monitored. A poor report might make it more likely that the Fed won’t raise interest rates again.
Key Developments
With the aid of the minor increase in Treasury yields, the USD/JPY broke a three-day losing run and retreated near 132.00, leaving a risky territory behind. On Saturday, Haruhiko Kuroda will step down as governor of the Bank of Japan.
AUD/USD fell for a third consecutive day, posting the lowest daily close in a week around 0.6670. The Kiwi fell across the board as NZD/USD suffered the biggest slide in weeks to end below 0.6250. Silver dropped down beneath $25.00 while Gold declined even more but continued to trade above $2,000 per ounce. Prices for crude oil remained stable and maintained their weekly rise of 8%.
Also Read:
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