The major currency pair is slightly falling on Thursday; investors are waiting for the statistic and Powell’s speech.
EURUSD remains weak on Thursday but it’s not too critical. The current quote for the instrument is 1.2050.
The ADP report on the Non-Farm Employment Change published yesterday showed 117K in February after being 195K the month before and against the expected reading of 203K. The data is pretty weak but there is no direct correlation between the ADP and NFP reports, that’s why it’s too early to jump to conclusions.
The USD is still supported by the US 10-year bond yield.
Later today, market players will focus their attention on several more numbers on the US labor market, such as the weekly Unemployment Claims report. The weak before, the indicator reached stability and showed 730K. This time, it is expected to be 758K. The lower the reading, the better for the “greenback”.
Also, investors will follow another speech by the Fed Chairman Jerome Powell, which is expected to be very interesting in everything – positive estimations of the anti-coronavirus vaccination campaign, hence favorable expectations and forecasts of the quick economic recoveryб as well as discontent with the bond yield growth.
Market players are keeping a close eye on the Fed and Powell, that’s why the major currency air may become more volatile in the evening.
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.