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Focus on US jobs

Focus on US jobs

As expected, ECB policy makers kept their benchmark interest rate at the record low of 1%. In the associated press conference, ECB President, Mario Draghi, said they still expect a gradual recovery this year but downside risks prevail and the outlook has become “more uncertain”.

Spanish and French government debt sold well at auctions yesterday BUT Spain’s yield on its 5 year bond jump from 3.7%, in the last auction, to a rate close to 5%.

As result the Euro remains under pressure.

Market attention will be firmly fixed on the US Non-farm payrolls today, basically and employment measure. This statistic is widely consider to be the most significant in the economic calendar and nearly always causes a shift in USD.

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