EUR/USD

During the Asian session, the EUR/USD pair is consolidating near 1.0830. The instrument ended Friday's trading with moderate growth, although closer to the close of the weekly session the euro switched to a downward trend, which, among other things, was due to the publication of macroeconomic statistics on the US labor market. In March, Nonfarm Payrolls added 303.0 thousand after an increase of 270.0 thousand in the previous month, while analysts expected 200.0 thousand, and the Unemployment Rate adjusted from 3.9% up to 3.8% with neutral forecasts. Average Hourly Earnings, as expected, accelerated from 0.2% to 0.3% on a monthly basis and decreased from 4.3% to 4.1% on an annual basis. Many investors were disappointed by the report, as a strong labor market may lead the US Federal Reserve to continue to take a wait-and-see approach. In turn, European statistics presented on Friday turned out to be worse than expected: Factory Orders in Germany rose by 0.2% in February after -11.4% in the previous month, with preliminary estimates of 0.8%, and Retail Sales in eurozone decreased by 0.5% after zero dynamics in January, while experts expected a decrease of 0.4%, while in annual terms sales dynamics improved from -0.9% to -0.7%, and also outpaced forecasts at -1.3%. Values remain low due to inflation and high European Central Bank (ECB) interest rates pressure on households. The focus of investors today is the report on Industrial Production in Germany: in February, the indicator increased by 2.1% after 1.3% a month earlier, with expectations of 0.3%, and in annual terms, production volumes decreased by 4.9% after -5.3% in January.

GBP/USD

The GBP/USD pair is trading near zero, holding near 1.2630. Market activity remains subdued while investors continue to evaluate the results of the US Department of Labor report published last Friday and expect new drivers to emerge. The data turned out to be strong, which led to a short-term surge in "bullish" sentiment for the dollar, but the instrument failed to consolidate at new lows. Anyway, Nonfarm Payrolls increased by 303.0 thousand in March after an increase of 270.0 thousand in the previous month, while traders expected 200.0 thousand. The Unemployment Rate adjusted from 3.9% to 3.8%, the Average Hourly Earnings accelerated in monthly terms from 0.2% to 0.3%, and in annual terms it slowed down from 4.3% to 4.1%. In turn, the pound managed to gain some support on Friday after the publication of data on Construction PMI: in March, the indicator rose from 49.7 points to 50.2 points, with a forecast of 50.0 points. On Friday, April 12, statistics on Gross Domestic Product (GDP) will be released in the UK, which may show a slowdown from 0.2% to 0.1% in February. In addition, Industrial Production volumes may show zero dynamics after -0.2% in January, and in annual terms the figure may be 0.5%.

AUD/USD

The AUD/USD pair is showing uncertain growth, recovering from the "bearish" correction at the end of last week: the instrument is testing 0.6575 for a breakout, receiving support from macroeconomic statistics from Australia. The Investment Lending for Homes in February added 1.2% after -0.8% in the previous month, and Home Loans increased by 1.6% after -0.9% a month earlier, with expectations at 2.25%. In turn, Friday publications continue to put pressure on quotes. Australia's Exports fell 2.2% in March after rising 1.5% the previous month, while Imports accelerated from 1.4% to 4.8%, leading to a marked decline in the Trade Surplus from 10.06 billion Australian dollars to 7.28 billion Australian dollars, while analysts expected an increase to 10.40 billion Australian dollars. Data from the United States reflected an increase in Nonfarm Payrolls in March, by 303.0 thousand, after an increase of 270.0 thousand a month earlier, with preliminary estimates of 200.0 thousand. The Unemployment Rate adjusted from 3.9% to 3.8%, which also turned out to be better than expected. This week, the focus of investors' attention will be the March inflation statistics in the United States, which will be presented on Wednesday, April 10. It is expected that the Consumer Price Index will slow down from 0.4% to 0.3% in monthly terms, as well as an increase in the indicator from 3.2% to 3.4% in annual terms. Core CPI could fall from 0.4% to 0.3% and from 3.8% to 3.7%, respectively.

USD/JPY

The USD/JPY pair is developing a "bullish" momentum at the level of 151.82, formed on Friday, when the market received macroeconomic statistics, which strengthened investors’ doubts about the US Federal Reserve’s readiness to reduce borrowing costs during the June meeting. The report from the US Department of Labor reflected an increase in the Nonfarm Payrolls by 303.0 thousand, which turned out to be significantly higher than the forecast of 200.0 thousand, while the February figure was revised from 275.0 thousand to 270.0 thousand. The Unemployment Rate adjusted from 3.9% to 3.8%, while analysts expected no changes, and Average Hourly Earnings increased from 0.2% to 0.3% in monthly terms, but slowed down from 4.3% to 4.1% in annual terms. Japanese statistics on Friday turned out to be mixed: Household Spending in February decreased by 0.5% after -6.3% in the previous month, while experts expected -3.0%, the Leading Economic Index in February rose from 108.5 points to 111.8 points with expectations of 111.6 points, and the Coincident Index decreased from 112.1 points to 110.9 points. Data released today were little better: the non-seasonally adjusted Current Account in February rose from 457.0 billion yen to 2,444.2 billion yen, against a forecast of 3,112.5 billion yen, and Labor Cash Earnings accelerated from 1.5% to 1.8%, which has a positive effect on inflation expectations. At the same time, the Current Situation index from Eco Watchers in March dropped from 51.3 points to 49.8 points, while the Outlook decreased from 53.0 points to 51.2 points.

XAU/USD

The XAU/USD pair is showing noticeable growth, testing 2340.00 and updating record highs. The instrument, as before, is supported by geopolitical risks in the Middle East and Eastern Europe, which lead to investors searching for safer assets. In addition, markets expect the imminent launch of a program to reduce interest rates by the world's leading central banks, primarily the US Federal Reserve. However, the American regulator is not in a hurry to change monetary policy yet, as evidenced by both macroeconomic publications and direct statements by the Chair of the Fed, Jerome Powell, who calls for waiting for additional confirmation of a reduction in inflation to the target level of 2.0%. The US labor market report released on Friday was again better than analysts' expectations, adding to investors' doubts about the expected 25 basis point interest rate cut at the June meeting. The data reflected an increase in Nonfarm Payrolls by more than 300.0 thousand after an increase of 270.0 thousand in the previous month, while analysts had expected 200.0 thousand. The Unemployment Rate fell from 3.9% to 3.8%, and the Monthly Hourly Earnings rate accelerated from 0.2% to 0.3%, highlighting existing inflation risks. However, in annual terms the figure decreased from 4.3% to 4.1%, which coincided with expectations.