The market was relatively calm on Wednesday amid declining US dollars due to 10-year US bond yields stabilizing around 1.4%, after declining from a one-year high recorded last week, 1.6%.
The publication of ADP employment data and the US services PMI report tonight will be the main focus of the market, in addition to the UK budget which will also be presented today by Finance Minister Rishi Sunak.
The ADP employment data, which is expected to record an increase of 177,000 jobs in the private sector in February, will be a clue to the official NFP reading to be published on Friday.
While the PMM index of the ISM survey services is forecast to survive at 58.7, but shows a slowdown in hiring.
Markets are also awaiting developments on the $ 1.9 trillion stimulus package reportedly to be voted this week by the Senate. President Joe Biden urged the Senate to pass the bill without making any changes.
The pound traded higher as Rishi Sunak prepared to present a budget for Britain that would likely include an extension of the employment subsidy scheme until September.
Meanwhile, the euro traded steady near the 1.21000 price level against the US dollar after showing an increase in early Asian session trading. Germany is expected to extend the latest coronavirus ban until the end of March, while Italy is considering maintaining the ban until early April.
