Stable EUR/USD as Traders Await Nonfarm Payrolls

As traders await the release of the US nonfarm payrolls, the forex market is experiencing tranquil trading.

As traders await today's March employment report, the EUR/USD pair is floating on a steady keel, with hardly any movement. After several days of jittery trading, the euro is nearly unchanged at levels near $1.0910. In spite of this, the euro has gained just under 4% against the dollar over the past three weeks.

After a flurry of economic reports stoked concerns about the US economy, the US dollar retreated against its major rivals earlier this week. Now, the market anticipates that nonfarm payrolls data for March will indicate that US employers added 233,000 jobs. A slower rate than the 311,000 jobs added in February.

Some markets will not respond to the news. Today is a holiday in the United States, Europe, and Canada to celebrate Easter. On Wednesday of the following week, however, the action will resume with the release of inflation data and the minutes from the Fed's last meeting three weeks ago.