The Japanese Yen (JPY) oscillates in a narrow trading band near a multi-decade low during the Asian session on Tuesday and for now, seems to have stalled a two-day-old weakening trend against its American counterpart.
Today, we look out for the ECB bank lending survey for Q1 2024. The survey gives information on euro area bank lending and credit conditions, which is an important input for the growth outlook. In the latest survey, banks still reported a net tightening of credit standards but to a smaller extent than previously. A continuation of this development would support the manufacturing sector in the coming quarters. The survey will also shed light on household lending and the strength of private consumption.
In the US, today's main event will be the March Jobs Report. We expect non-farm payrolls growth to slow down to 180k and see average hourly earnings growth at +0.2% m/m SA. For more details on today's Jobs Report, please see our latest US Labour Market Monitor - Supply-driven recovery, 4 April.