EURUSD recovered pretty much on Thursday and intends to keep its positive momentum throughout Friday as well.
The major currency pair stopped its long-term decline and tried to reach stability. The current quote for the instrument is 1.1777. The local low was tested on the last day of March at 1.1703.
The USD remains strong as nothing has changed in the market environment and informational flow. However, market players probably decided that the “greenback” required a correction after updating its five-month highs. Moreover, investors are becoming less active in anticipation of the Easter holidays, so that might be a chance for the Euro to recover.
The statistics from the Euro Area turned out to be as expected. The German Manufacturing PMI was 66.6 points in March. The Manufacturing PMI in the Euro Area showed 62.5 points after being 62.4 points in February.
The numbers from the USA were rather mixed. For example, the weekly report on the Unemployment Claims threw a curve and showed 719K after being 658K the week before.
The ISM Manufacturing PMI was 64.7 points in March after being 60.8 points in the previous month. The final report on the Markit Manufacturing PMI showed 59.1 points after the previous estimate of 59.0 points. Everything that is higher than 50 points indicates improvement in the sector.
Today is a very important day in the economic calendar – the USA is publishing March reports on the labor market. The Unemployment Rate is expected to reduce from 6.2% to 6.0%, while the Non-Farm Employment Change may show 652K in March, which is twice as much as the February reading. Market layers believe that the reports are going to be good because weekly reports on the Unemployment Claims were quite convincing.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.