![– ECB decision and US Payrolls to steal the show [Video]](https://i.headtopics.com/images/2024/3/11/fxstreetnews/ecb-decision-and-us-payrolls-to-steal-the-show-vid-ecb-decision-and-us-payrolls-to-steal-the-show-vid-2667EE9040C7A89F702144ABC6871F5F.webp)
Dollar braces for US payrolls Riding high on a wave of US economic resilience, the dollar is currently the best-performing major currency this year, having gained nearly 3% against a basket of currencies in a couple of months.
Nonfarm payrolls and Powell’s testimony will be crucial for US dollar. European Central Bank could set the stage for summer rate cuts. Bank of Canada decision and UK budget announcement also in focus. Dollar braces for US Payrolls Riding high on a wave of US economic resilience, the dollar is currently the best-performing major currency this year, having gained nearly 3% against a basket of currencies in a couple of months. This stellar performance reflects an impressive US economy.
Despite this loss of momentum, ECB officials have stressed that it’s still too early to cut rates, as doing so prematurely could fuel a second round of inflation. Most officials have circled June as the most likely month for a rate cut, which would give them access to updated wage numbers. This meeting will probably be used as a ‘stepping stone’ towards June, with the central bank reaffirming it will be patient with rates until it is certain inflation has been crushed.
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