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- European session review: USD under pressure ahead of U.S. employment report for April
European session review: USD under pressure ahead of U.S. employment report for April
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Current Account | March | 18.6 | 30.2 | |
| 06:00 | Germany | Trade Balance (non s.a.), bln | March | 18.2 | 20.5 | |
| 06:00 | Germany | Industrial Production s.a. (MoM) | March | -1.9% | 2.3% | 2.5% |
| 06:45 | France | Non-Farm Payrolls | Quarter I | -0.1% | 0.3% | |
| 06:45 | France | Trade Balance, bln | March | -5.1 | -6.1 | |
| 06:45 | France | Industrial Production, m/m | March | -4.8% | 2% | 0.8% |
| 07:00 | Switzerland | Foreign Currency Reserves | April | 930.3 | 914.1 | |
| 08:30 | United Kingdom | PMI Construction | April | 61.7 | 62.3 | 61.6 |
| 10:00 | Eurozone | ECB President Lagarde Speaks |
USD was under pressure in the European session on Friday as investors awaited the release of the U.S. jobs report for April, due at 12:30 GMT.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, dropped 0.12% to 90.84.
It is expected that April's jobs report will show that the U.S. economy is accelerating strongly out of the coronavirus pandemic, bolstering investors’ risk appetite and putting more pressure on the safe-haven U.S. dollar. On the other hand, better-than-anticipated data could heighten inflation worries and expectations that the U.S. Federal Reserve might be forced to start reducing its monetary stimulus sooner than expected that, in turn, could lift the U.S. bond yields and the U.S. currency as well.
Economists forecast the U.S. economy to have added 978,000 jobs last month after 916,000 in March. The unemployment rate is seen to decrease to 5.8% in April from 6% in March.
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