At the beginning of the new week of April, the major looks weak, trading at 1.1760.
Market activity is somewhat decreased: Catholic countries remain on Easter holidays.
The statistics on Friday showed that the US labor market is in a perfect shape. The unemployment rate in March dropped to 6% from 6.2% as forecast. The NFP level grew to 916 thousand against the forecast 647 thousand. The average hourly earnings dropped by 0.1% m/m against the expected growth by 0.1% m/m. The average length of the working week grew a bit.
Such an improvement in the employment sector might be explained by the business waiting for stable and significant growth of the US economy. Companies and enterprises are increasing the number of workplaces but cannot increase salaries yet – they have no foothold in consumer demand that can provide for sustained development. All in all, these steps seem to be somewhat preventive, showing the trust of the business in the authorities’ actions.
The macroeconomic calendar is quiet today. In the afternoon, the US will present the ISM in services in March. Factory volumes orders in February are preparing for publication, and there we are likely to see a decline after growth in January.
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.