Yesterday

ADP announced that the US nonfarm private sector lost 23,000 jobs between February and March. As analysts were anticipating a rise of 40,000 jobs, the decline was unexpected.

The missed expectation provided a boost to the euro (which traded from 1.3390 to 1.3540).

The rise of the euro was also supported by better than expected unemployment numbers within the eurozone. The German Federal Labor Agency reported a drop of 31,000 unemployed persons in March which equates to a decline in the jobless rate from 8.1% to 8.0%. In addition, the eurozone's inflation estimate for March topped analysts' forecast at 1.5% (vs +0.9% in February), while the unemployment rate in the eurozone reached 10.0% in February (which is in line with projections).

Despite the flow of positive news, it seems that the euro continues to be pressured by Greece difficulties. Twice this week, Greece successfully auctioned bonds in order to refinance its maturing debts; however, the risk premium it paid remains high compared to less risky assets.

Today

Ahead of Friday's official employment report, investors will continue to assess the situation of the US job market, with the release of weekly unemployment claims occurring at 13:30 GMT. Claims numbers are expected to be 440,000.

Also in the spotlight will be the Manufacturing sector, with Purchasing Managers Indices to be released in the UK (at 09:30 GMT) and in the US (at 15:00 GMT).