The upcoming release of the March U.S. jobs report is set to inject considerable volatility into financial markets and could have a decisive impact on the performance of the U.S. dollar in the near future.
Consensus estimates suggests U.S. employers added 200,000 workers to their ranks last month, a figure anticipated to keep the jobless rate steady at 3.9%. However, given that jobIf hiring activity outpaces projections by a wide margin, traders are likely to temper bets of the Fed delivering 75 basis points of easing in 2024, further reducing the odds that the first rate cut of the cycle will arrive at the Junemeeting, which currently stands at 61.6%.
USD/JPY traded within a confined range on Tuesday, hovering below overhead resistance at 152.00. This technical ceiling demands careful monitoring, as a breakout may trigger intervention from the Japanese government to prop up the yen. In such scenario, a swift reversal below 150.90 could ensue, followed by a slump towards the 50-day simple moving average at 149.75.
On the other hand, if USD/CAD encounters a setback and changes direction downwards, technical support stretches from 1.3510 to 1.3495, followed by 1.3480. Continued losses beyond this juncture would draw focus to 1.3420.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances.
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