What are the main events for today?

In the European session we don’t have much in terms of data releases other than a couple of low tier indicators. The focus will be on the American session when we get the Canadian Employment report, the US NFP and especially Fed Chair Powell’s speech.

12:30 GMT/08:30 ET – Canada March Employment report

The Canadian
Employment report is expected to show 10K jobs added in March vs. 1.1K in
February and the Unemployment Rate to tick higher to 6.7% vs. 6.6% prior. The market is pricing a 52% chance of a rate cut at the upcoming meeting and 66 bps of easing by year end amid the negative impact to global growth from Trump’s tariffs.

12:30 GMT/08:30 ET – US March Non-Farm Payrolls report

The US NFP is
expected to show 135K jobs added in March vs. 151K in February and the
Unemployment Rate to remain unchanged at 4.1%. The Average Hourly Earnings Y/Y
is expected at 3.9% vs. 4.0% prior, while the M/M measure is seen at 0.3% vs.
0.3% prior. The Average Weekly Hours are seen at 34.2 vs. 34.1 prior.

The Fed members continue to see
the labour market remaining solid and not being a source of inflationary
pressures