The dollar weakened against the euro yesterday, despite data released in the eurozone showing that German unemployment increased for a fifth month, pushing the jobless rate to 8.1%. The dollar’s losses came on the back of a rise in US stocks on Wall Street, which improved risk appetite.
This morning the dollar has recovered some ground, and may rise on the back of the G20 meeting, because a failure by leaders to unanimously agree on ways to revive the global economy could push investors to the safe haven of the greenback. Investors are also eagerly awaiting the US employment report due to be announced on Friday, which is expected to show a higher number of job losses in March in comparison to the previous month.
There are several announcements taking place in the US today including MBA Mortgage Applications, ADP Employment Change, ISM Manufacturing and Pending Home Sales. The Unemployment Rate is due to be released in the eurozone this morning at 10.00 BST.
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