US dollar still steady during the midday tradings with rising expectations that the Fed will raise interest rates next week, and awaited US jobs report which likely will send a clear signals to start raising interest rates.

Non-farm payrolls are estimated  to climb at 190k jobs on February, and this is what satisfy one of the conditions required to start raising interest rates.

Apparently, the outlook is almost uncertain to raise interest rates at the next meeting on 14 and 15th of this month, this is after Fed chair Janet yellen comments on Friday that raising interest rates would be appropriate this month as long as the employment data and inflation supports it.

Anticipation of this important economic events would impose a state of uncertainty on the markets, which would cause tight tradings until the end of this week.

We are waiting on the US agenda, the trade balance for February, which is expected to show an expansion in the deficit to 47.0 billion dollars from 44.3 billion US dollars, if the statement was worse than expected, this would be a negative pressure on the US dollar.

Japanese yen was steady against the US dollar during mid-day trading with a tendency to decline, as the US dollar rose 0.04% against the Japanese yen to 113.92 levels.

economic calendar shows final reading of GDP of Japan during the fourth quarter, and the expectations is a positive to reflect the expansion in growth at 0.4% from 0.2%.

The euro slipped against the US dollar influenced by economic data that showed a sharp decline in German factory orders on the annually basis in February to -7.4% from 5.2%, affected by lower demand for investment goods, this is gives signal of losing Germany the momentum to continue growing.

Obstacles began to appear against the euro, which supports expectations that the downward trend of the euro in the short term, especially with the continued pressure from the presidential elections in France.

Pound fell against the US dollar to the lowest since seven weeks influenced by the stronger US dollar and after the recent disappointing data, which showed a decline in service sector output for the lowest level in five months, and this increases the negative pressure on the pound during trading today.

Spot gold prices are still hover around opening price at $ 1225 per ounce, with the continued impact of expectations for higher US interest rates, and  awaited US employment data later this week, which will imposes a state of high volatility on gold until the end of this week.

Crude oil is waiting the EIA report on Wednesday, and awaited US jobs report later this week, and this is what will cause a narrow range trading until the end of this week.

 Sponsored by: CloudsIndex.com