The world’s largest economy posts its most volatile piece of data this week in the form of Non-Farm payrolls. Yesterday we gained an insight into this figure with the release of the US ADP employment report. The March reading showed a better than expected 200k, narrowly exceeding its 195k forecasts. The positive data helped the Greenback erase part of yesterday’s losses against the EUR and GBP.
The Greenback continued to weaken throughout the day yesterday, as Federal Reserve Chair Janet Yellen addressed the market in a dovish tone earlier this week. Yellen hinted at the possibility of a return to zero rates, and said that a cautious approach to adjusting the monetary policy is especially warranted.
The economic calendar is packed today. Firstly, the UK release its current account figure with expectations that this will fall further to -21.1B. The Bank of England Governor, Mark Carney is scheduled to speak this morning on Financial Stability. In the afternoon, the US releases its Weekly Jobless Claims figure and from the Eurozone, we have the yearly CPI reading, forecast to post -0.1%.