A Busy Week For Trading, Focus On US Nonfarm Payrolls.
The US Dollar was under pressure as the U.S. Federal Reserve sticks to its dovish monetary policy.
Last week, the Fed kept its interest rate unchanged at 0.25% as it handed down its policy decision. Fed Chairman Jerome Powell played down speculation over a potential early tapering of asset buying, saying it was not time yet and that employment still had a long way towards recovery.
In the upcoming week, focus on the US Jobs Report on Friday. US Nonfarm Payrolls are expected to rise 978K in April from 916K. The Unemployment Rate is expected to drop to 5.7% from 6.0%. Average hourly earnings are expected to come out -0.4%, year on a year basis.
In addition to that, this week calendar also features U.S. data on ISM Manufacturing PMI, Factory Orders, Crude Oil Inventories and Initial Jobless Claims.
US ISM Manufacturing PMI for April is expected to rise to 65.0 from 64.7. A better-than-expected realization may provide some support for the US Dollar.
If we look at the Eurozone, we will closely watch the Producer Price Index. On a year-on-year basis, the Eurozone PPI is expected to be 4.0%.
03 May 21 (Mon)
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