Good Friday has brought global stock and bond markets to a halt, leading to major currency pairs moving in tight ranges. Attention is now focused on the release of the US Nonfarm Payrolls (NFP) report for March by the US Bureau of Labor Statistics in the early American session. NFP data is forecast to show a rise of 240,000 in March, following February's better-than-expected increase of 311,000. The unemployment rate is expected to remain steady at 3.6%, while the annual wage inflation is predicted to edge lower to 4.3% from 4.6%. Markets are apprehensive about the data, and the USD is expected to respond in one of three possible scenarios.
In Asia, the Leading Economic Index in February showed a modest improvement to 97.7 from 96.6 in January. Outgoing Bank of Japan (BoJ) Governor Haruhiko Kuroda stated that Japan is seeing a trend where inflation is being reflected in wages. USD/JPY showed no immediate reaction to the comment and was last seen moving sideways slightly below 132.00.
Gold prices have held above $2,000, despite registering losses for the second consecutive day on Thursday. EUR/USD closed marginally higher after having found support near 1.0900, while GBP/USD steadied near 1.2450. Bitcoin declined slightly on Thursday but held steady near $28,000, while Ethereum lost nearly 2% on Thursday and is consolidating around $1,850 on Friday.
With global stock and bond markets closed on Good Friday, the focus is firmly on the release of the Nonfarm Payrolls (NFP) report for March by the US Bureau of Labor Statistics. Markets are apprehensive about the data, with fears of a possible downturn. The USD is expected to respond in one of three possible scenarios. While gold prices registered losses for the second straight day, they still managed to hold above $2,000. In Asia, the Leading Economic Index showed a modest improvement to 97.7 in February, while outgoing Bank of Japan Governor Haruhiko Kuroda reported on Japan's trend of reflecting inflation in wages. Meanwhile, the cryptocurrency market remains steady, with Bitcoin and Ethereum holding steady despite slight declines.
