Scoreboard: Euro rollercoaster

The euro spiked and then slumped after the European Central Bank’s rates decision, while Wall Street slipped ahead of US payrolls data.

In the lead-up to US payrolls tonight markets took a bit of a breather, with little action anywhere. Well, outside of tech stocks and crude that is. The dataflow itself was positive, however, especially the non-manufacturing ISM which rose to 53.1 in March from 51.6. It was particularly positive to see the employment component surge in the month, up over 6 percentage points to 53.6. A good sign for payrolls tonight. Less positive was the 16,000 lift in initial jobless claims in the week to March 28, yet at 326,000 claims are still low and still point to robust jobs growth.

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