US Dollar stabilizes ahead of Nonfarm Payrolls report – by eren_fxstreet DollarIndex Macroeconomics UnitedStates NFP EURUSD
United States
Nonfarm Payrolls in the US is forecast to rise by 240,000 following February’s impressive increase of 311,000. The Unemployment Rate in the US is expected to hold steady at 3.6%. The inflation component of the PMI survey, the Price Paid sub-index, edged lower to 69.5 from 65.6 in February. The Employment sub-index fell to 51.3 from 54.
The US Bureau of Labor Statistics announced on Tuesday that the number of job openings on the last business day of February declined to 9.9 million from 10.5 million in January. On Sunday, Saudi Arabia announced that several producers in OPEC+ will participate in voluntary output cuts from May to the end of the year. The group’s total output will be reduced by more than 1.5 million barrels per day in that period.
The Prices Paid Index of the PMI survey, the inflation component, dropped to 49.2 from 51.3. This reading suggests that input inflation in the sector softened in March.Despite Wednesday’s pullback, EUR/USD’s near-term technical outlook stays bullish with the Relative Strength Index on the daily chart holding comfortably above 50. Moreover, the 20-day Simple Moving Average continues to pull away from the 50-day SMA following the bullish cross seen earlier in the week. .
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