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U.S Nonfarm Payrolls Puts the Dollar Back in Focus as China’s National People’s Congress Begins

Bob Mason
·2-min read

Earlier in the Day:

It’s was a particularly quiet start to the day on the economic calendar this morning. There were no material stats to provide the majors with direction through the early part of the Asian session.

The lack of stats will leave the majors in the hands of China Premier’s Li Keqiang speech later this morning, as the National People’s Congress gets under way.

For the Majors

At the time of writing, the Aussie Dollar was down by 0.18% to  $0.7712, with the Kiwi Dollar down by 0.14% to $0.7180. The Japanese Yen was flat at ¥107.98 against the U.S Dollar.

The Day Ahead:

For the EUR

It’s a relatively quiet day ahead on the economic calendar. German factory orders for January are due out later this morning.

Forecasts are EUR positive. With manufacturing sector activity picking up at the turn of the year, an unexpected slide would pressure the EUR further.

At the time of writing, the EUR was down by 0.04% to $1.1964.

For the Pound

It’s a particularly quiet day ahead on the economic calendar. There are no material stats due out of the UK to provide the Pound with direction.

The lack of stats will leave the Pound in the hands of market risk sentiment on the day.

At the time of writing, the Pound was down by 0.06% to $1.3886.

Across the Pond

It’s another busy day ahead on the economic calendar. Following the weekly jobless claims figures on Friday, labor market figures for February will be in focus later today.

February’s unemployment rate and nonfarm payrolls will be the key drivers late in the day.

Away from the economic calendar, chatter from Capitol Hill will also influence.

On Thursday, the Dollar Spot Index rallied by 0.75% to end the day at 91.631. FED Chair Powell’s speech from late Thursday delivered the upside on the day.

For the Loonie

It’s a relatively busy day ahead. January trade data and February’s Ivey PMI figures are due out later today.

With little else for the markets to consider in the past week, expect some Loonie sensitivity ahead of next week’s BoC monetary policy decision.

At the time of writing, the Loonie was down by 0.11% to C$1.2681 against the U.S Dollar.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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