During today’s early trading session, Asian stocks traded slightly lower but with little volatility as markets in China, Australia, New Zealand, Europe and the UK closed for the Easter holiday. Market spectators also remain cautious over the indefinite deal on Iran’s nuclear program.
On Friday the Euro jumped against the Dollar following the release of U.S. jobs data. The release of the Nonfarm Payrolls showed a significantly lower than expected figure, which was forecast at 245,000. During the month of March 126,000 more people were employed, this negative data added to concerns that the Fed will delay an interest rate increase. Earlier comments made by Fed Chair Janet Yellen indicated that a future rate hike will be based on an improving labour market. The EUR/USD is trading close to Fridays high but with little movement due to market closure, the pair is currently testing support at 1.095 and resistance at 1.102. The Dollar could weaken over the mid-term as negative sentiment weighs over future monetary policy decisions.
Traders are now awaiting the release of the U.S. ISM Non-Manufacturing PMI and the Canadian Ivey PMI taking place later today, however, we expect to see higher reaction and trading volumes when markets reopen tomorrow.
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