The Dollar received a boost yesterday when ADP and Moody's Analytics reported that US job creation saw another powerful month in February, with companies adding 235,000 positions.
Last month saw broad-based gains that stretched across both the services and goods-producing sectors. Leisure and hospitality led industry groups with 50,000 jobs, while professional and business services contributed 46,000 and trade, transportation and utilities added 44,000.
The total again defied Wall Street expectations with analysts warning the job market is red hot and threatens to overheat.
EU trade commissioner Cecilia Malmstrom condemned US plans for tough tariffs on steel and aluminium imports , saying they jeopardise European jobs. To ratchet up the pressure on Donald Trump the EU has drawn up a list of US goods which could be hit with retaliatory action. Peanut butter, orange juice, bourbon and cranberries are all included, along with an unspecified range of industrial and steel products.
Commissioner Malmström said Brussels hopes that Trump will not impose blanket tariffs on steel imports into America, but if he does, the EU will take appropriate action.
On Tuesday, Donald Trump's top economic advisor Gary Cohn, who opposes tariffs, resigned. That was after Mr Trump said EU trade rules make it "impossible" for US firms to do business with the bloc.
12:45 – EUR – Minimum Bid Rate expected to remain at 0.00%
13:30 – EUR – ECB press conference