Quiet trading is unfolding in the forex market as traders wait for the release of the US nonfarm payrolls.
The EUR/USD pair is floating on an even keel, barely moving early Friday, as traders await today’s jobs data for March. The euro is virtually flat at levels around $1.0910 after several days of jittery trading. Still, over the past three weeks, the euro has added just under 4% against the greenback.
Earlier this week, the US dollar pulled back against major peers after a flurry of economic reports fueled concerns over the US economy. Now, the market is expecting nonfarm payrolls data to show that US employers added 233,000 jobs in March. A pace that’s slower than the 311,000 jobs created in February.
Not all markets will react to the news. The US, Europe, and Canada are taking a day off today to celebrate Easter. Next week, however, the action is back on with Wednesday’s big events – inflation data and the meeting minutes release from the Fed’s last meetup three weeks ago.
