After a brief respite around the month and quarter end, the US dollar is poised to close another week lower. Global investors are selling the greenback once again this Thursday, one day ahead of the US March non-farm payrolls report and the long Easter holiday weekend. On Wednesday, more doubt was cast over sustainable US growth for 2015 as ADP reported fewer new private sector jobs for March than had been expected, and a slew of economic indices missed expectations. Fed Chairman Janet Yellen will be speaking this morning, making the welcoming remarks at a conference in Washington, D.C. Economic data was broadly limited overnight as most European markets will be closed on Friday.
The only data release of note across the pond came in the form of UK construction PMI. Although this latest read missed the mark, coming in at 57.8 versus 59.5 expected, the pound is still trading higher against the dollar as Tuesday’s sell-off is confirmed to be short lived. Currently, all eyes in Europe and around the world are centered on the Iran-Nuclear negotiations happening in Switzerland. While all sides remain optimistic about a deal, the talks are now two days past due as world leaders try to come to some kind of compromise. The Wall Street Journal is reporting this morning that Greece continues to make little headway on their ongoing negotiations. The troubled nation continues to try to end its standoff with international creditors, facing the prospect of another month starved for cash. Most of Europe and the UK will be off tomorrow andMonday so trading should grind to a reluctant halt.
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