Market news

7 May 2021

European session review: USD under pressure ahead of U.S. employment report for April

TimeCountryEventPeriodPrevious valueForecastActual
06:00GermanyCurrent Account March18.6 30.2
06:00GermanyTrade Balance (non s.a.), blnMarch18.2 20.5
06:00GermanyIndustrial Production s.a. (MoM)March-1.9%2.3%2.5%
06:45FranceNon-Farm PayrollsQuarter I-0.1% 0.3%
06:45FranceTrade Balance, blnMarch-5.1 -6.1
06:45FranceIndustrial Production, m/mMarch-4.8%2%0.8%
07:00Switzerland Foreign Currency ReservesApril930.3 914.1
08:30United KingdomPMI ConstructionApril61.762.361.6
10:00EurozoneECB President Lagarde Speaks    

USD was under pressure in the European session on Friday as investors awaited the release of the U.S.  jobs report for April, due at  12:30 GMT.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.12% to 90.84.

It is expected that April's jobs report will show that the U.S. economy is accelerating strongly out of the coronavirus pandemic, bolstering investors’ risk appetite and putting more pressure on the safe-haven U.S. dollar. On the other hand, better-than-anticipated data could heighten inflation worries and expectations that the U.S. Federal Reserve might be forced to start reducing its monetary stimulus sooner than expected that, in turn, could lift the U.S. bond yields and the U.S. currency as well.

Economists forecast the U.S. economy to have added 978,000 jobs last month after 916,000 in March. The unemployment rate is seen to decrease to 5.8% in April from 6% in March.

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