US Dollar steadies despite weak data – BBH
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Economists at BBH said in their latest note, “the dollar is getting some traction as risk-off impulses offset the impact of weak US data.”
“DXY is up for the second straight day and trading near 102 after two straight down days. Clean break below 102 sets up a test of the February low near 100.82.“
“ADP reported its private sector jobs estimate. It came in at 145k vs. 210k expected and 242k in February. While ADP has understated NFP for much of this past year, market expectations for March jobs data Friday have softened.”
“NFP consensus now stands at 235k vs. 311k in February, while the unemployment rate is seen steady at 3.6%. Average hourly earnings are expected to slow to 4.3% y/y vs. 4.6% in February. It’s worth noting that the data will come on Good Friday. With markets likely to be very thin, we could get some outsize movements from the numbers, whether good or bad.“
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