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- European session review: USD weakens ahead of U.S. April's jobs report
European session review: USD weakens ahead of U.S. April's jobs report
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Current Account | March | 23.7 | 24.4 | |
| 06:00 | Germany | Trade Balance (non s.a.), bln | March | 20.6 | 17.4 | |
| 11:00 | Eurozone | ECB President Lagarde Speaks |
USD fell against most of its major counterparts in the European session on Friday, as investors weighed signs of easing of the U.S.-China tensions and the reopening of the economy, while awaiting the U.S. jobs report for April. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.13% to 99.76.
It is expected that the report, which is set to be published at 14:30 GMT, will show that the U.S. nonfarm payrolls tumbled 22 million jobs last month, pushing the unemployment rate up to 16 percent.
Top trade negotiators from China and the U.S. held a phone call late on Thursday to discuss the phase one trade deal, signed by two countries in January. Both sides agreed that "good progress" was being made to meet the agreement and said that they expected the obligations to be met "in a timely manner". Reports about the latest U.S.-China trade talks eased concerns that U.S. President Donald Trump would "terminate" the trade deal with China if Beijing wasn't adhering to the terms.
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