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The EUR/USD pair remains pressured and aims at finishing the week on the wrong foot amidst a mixed market sentiment. The EUR/USD is trading at 1.0876 as traders prepare for the weekend.
Geopolitics and hawkish Fed keep market sentiment mixed. Investors’ mood was mixed during the North American session. US equities fluctuated while market players’ focus turned to geopolitics and Fed speakers. However, in the next week, the attention will be on March’s Consumer Price Index, which could shed some light on Fed expectations of inflation.
Economic Data
The Canadian economy added 72,500 jobs in March, a tad below the median economist forecast for 80,000 jobs to have been added on the month, a report released by Statistics Canada on Friday showed. That marked a significant deceleration in the pace of job gains versus February when 336,600 jobs were added.
The oil and gas rig count, an early indicator of future output, rose 16 to 689 in the week to April 8, its highest since March 2020, energy services firm Baker Hughes said in its closely followed report on Friday. Baker Hughes said that puts the total rig count up 257 rigs, or 59%, over this time last year.
US oil rigs rose 13 to 546 this week, their highest since April 2020, while gas rigs rose three to 141, their highest since October 2019.
More than half of US oil rigs are in the Permian shale in West Texas and eastern New Mexico where total units this week jumped by nine to 332, the most since April 2020. That was the biggest weekly increase in the basin since January 2021.
Other Developments
German chancellor, Olaf Scholz, said that Germany is doing all it can to wean itself off Russian energy, but declined to endorse a claim by Boris Johnson that it would stop importing Russian gas by the middle of 2024.
Next week, the European Central Bank (ECB) will have its rate decision. Late in the mid-North American session, Bloomberg sources reported that the ECB is crafting a crisis tool if bond yields jump, but it is still in the design stage. Aside from central banking chatter, the EU announced a subsequent tranche of sanctions on Russian oligarchs and President Putin’s family members.
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