Currency markets were quiet in the Asian session today and most currency pairs consolidated yesterday’s moves. It is expected to be a quiet day as many major markets will be closed for the Good Friday Easter holiday. The only major data release today will be the US nonfarm payrolls report.
The US job sector is expected to remain solid, with forecasts showing that nonfarm payrolls increased 245,000 in March after rising 295,000 in February. In such as case, an increase last month would mark the 13th consecutive month of job gains above 200,000, the longest streak since late 1993.
The unemployment rate is forecast to hold steady at a more than 6-1/2 year low of 5.5 percent. It is now in territory that some Fed officials consider consistent with full employment. The labor market situation in the US will help with the Federal Reserve’s plans for raising interest rates
A strong NFP number would be positive for the greenback. USD/JPY traded in Asia in a tight range between 119.60 and 119.77.
The euro held onto gains made yesterday after EUR/USD hit a high of 1.0914 and traded in Asia between 1.0863 and 1.0884.
Source:: All eyes on nonfarm payrolls