Stockpair traders should keep an eye on these events today:
|EUR||GDP (QoQ) (Q4)|
|USD||Nonfarm Payrolls (Feb)|
|USD||Trade Balance (Jan)|
|CAD||Trade Balance (Jan)|
Countdown to NFP
March 6 2015
After a brief rally, spurred by more optimistic growth expectations from the ECB for the coming years, the euro weakened slightly against the dollar, hitting an 11-year low of around $1.10–a move that reflects market confidence in the central bank’s lasting accommodative stance. The euro slumped on Thursday to record lows just above $1.10 and the U.S. dollar added to gains against an index of currencies after the European Central Bank said it will launch a massive bond-buying program next week meant to boost economic growth.
The Eurozone common currency, which has lost nearly 15 percent against the dollar in six months, was last off 0.4 percent at $1.1034 after striking a fresh 11-1/2-year low of $1.1007 during a news conference by ECB chief Mario Draghi.
Draghi spoke after the ECB, in its battle against euro zone economic sluggishness and low inflation, pushed up its 2015 and 2016 growth forecasts and fixed a March 9 start date for bond purchases of 60 billion euros a month.
Traders were also focused on Friday’s U.S. employment report for February, when harsh winter weather in large portions of the United States may have curbed hiring.. The labor market has been a central driver of America’s relatively bright economic outlook and the dollar’s rally. a government report Friday that will show U.S. employers added more than 200,000 jobs in February for the 12th consecutive month, according to economists surveyed by Bloomberg.
The Fed, which meets March 17-18, is considering when to raise interest rates after keeping them at virtually zero since 2008. Chair Janet Yellen told Congress last week policy makers will focus on data in making their decision on the timing of any increase.