With the Easter Holidays just around the corner we might see a lot of trading volume this week, as Non Farm Payroll Data come out this Friday. Dollar bulls are waiting for this news with great anticipation, as they are hoping the number will be strong enough to boost the dollar and give it its long awaited chance to break higher.
However, this week we also have other economic data from the US such as the ISM Manufacturing, a very important indicator for signs of further slowing in the Manufacturing Sector, and ISM Non-Manufacturing data later on. Both of these indicators are currently above the psychological level of 50, so if we see any numbers lower than that we could see the dollar weaken all across the board.
Most important though, is the NFP, and with analysts forecasting a slightly better number this week, we need to see how the Employment Sector is performing. Any surprises on the downside will again give more excuses for traders to sell the greenback and take EUR/USD a step closer to 1.35.
Will NFP Save the Dollar from Further Losses?