EUR/USD cycled familiar territory on Wednesday after the US Federal Reserve (Fed) held rates as many investors had expected. However, market participants were hoping for further signs of impending rate cuts from the US central bank. At current cut, rate markets are anticipating a first and only rate cut for the year in November.
Thursday sees final HCOB Manufacturing Purchasing Manager Index (PMI) figures from Europe, with markets expecting the prints to land exactly where preliminary figures had come in. Manufacturing currently comprises less than 24% of the overall European economy.
Friday’s US NFP will drive much of the market momentum to close out the trading week, with markets expecting a print of 243K in April versus the previous month’s 303K. Revisions to data will be closely watched as layoffs continue to plague larger sections of the US economy. Investors are also hoping that Average Hourly Earnings MoM in April hold flat at 0.3% as wages continue to be the popular target for broad-market inflation fears.
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