Markets are anticipating NFP data now after getting shocked by the jobless claims report yesterday. Though Traders were expecting the jobless rate will be huge as many US companies were forced to shut down their production or even operation i.e. Apple announced that it will keep their stores closed until early May based on reports. After Fitch, Morgan Stanley reported their own forecast for the US GDP “We expect the U.S. economic recovery will be more drawn out than previously anticipated, marked by a deeper drop into recession and slower climb out,” as they said.
Most EU markets are moving in red territory as well as the US pre-session indicates a negative opening. The Germany Composite PMI dropped as well as UK PMI falls to a record low in March. The coronavirus cases have reached 1million while deaths are more than 53000 globally. Italy is already preparing a new stimulus package of €40bn to help its economic recovery.
Heading to the forex market, the US Dollar continues to rally to the upside against its counterparts. EURUSD failed to hold 61.8% and is falling towards 78.6% Fibonacci retracement level. GBPUSD is still stronger than fiber but is losing ground today. There is an intraday support at 1.2195. USDJPY is reversing and heading to 108.71 resistance.
EURUSD daily chart
GBPUSD daily chart
USDJPY hourly chart
Checking the ZuluTrade’s Traders Sentiment, the community is buying EURUSD and USDJPY while is selling GBPUSD, and GBPJPY.
Today’s economic calendar includes the following news:
UnitedStates – Nonfarm Payrolls (Mar)
UnitedStates – ISM Non-Manufacturing Employment Index (Mar)
UnitedStates – ISM Non-Manufacturing PMI (Mar)
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Content retrieved from: https://blog.zulutrade.com/post/2020/04/03/us-nfps-in-focus.