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NFP report forecast to show first decline since 2010
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ISM non-manufacturing seen plunging in March
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Revised PMIs from Europe and US
Yesterday's spike in oil price boosted moods on the global stock markets. However, futures markets hint at major European stock benchmarks opening slightly lower today. There are not any key releases scheduled as revised PMIs should not have much of an impact on prices. Things look different when it comes to the US session as two key reports will be released - NFP and ISM non-manufacturing. Apart from that, traders should keep on guard as oil price action may remain volatile today.
8:55 am GMT - Germany, services PMI for March (final). Preliminary release: 34.5 pts
9:00 am GMT - Euro area, services PMI for March (final). Preliminary release: 28.4 pts
9:30 am GMT - UK, services PMI for March (final). Preliminary release: 35.7 pts
1:30 pm GMT - US, NFP report for March. NFP report release is usually the key point of the week. While the situation on the US labour market is definitely worth watching, the impact may be understated by today's print. This is because most of the actual data for the NFP report is collected in the first half of the month and is only later revised to account for the full month. Having said that, we may not see a very bad NFP print until next month. Market consensus expects a drop of 100k in employment.
2:45 pm GMT - US, services PMI for March (final). Preliminary release: 39.1 pts
3:00 pm GMT - US, ISM non-manufacturing for March. What differs the current crisis from the previous ones, is that it affects the services sector more than the manufacturing sector. Having said that, today's release can be seen as more important than manufacturing print released on Wednesday. Market is expecting a massive drop from 57.3 pts in February to 44 pts in March.