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On Monday, European stocks declined, following the global trend as market partisans fretted that Donald Trump’s failure to gain enough support to replace health care turned to be an indicator of troubles he might have in the future with other promised fiscal policies, including tax reform or infrastructure spending.

Nearing midday trade in Europe, the Euro Stoxx 50 dived 0.53%, France’s CAC 40 declined 0.46% and Germany’s DAX 30 slumped 0.84%.

Asian stocks concluded lower earlier, while American futures pointed to a lower start.

Safe-haven assets, including the Japanese yen as well as precious metals, gained demand, as the greenback takes a hit.

The US dollar index, normally tracking the greenback’s actual value against a trade-weighted basket of crucial currencies, decreased 0.61%, being worth 98.98.

Against the yen, the greenback dipped approximately 1% to its lowest value since November, while the common currency reached its highest value against the US dollar since December.

On Thursday, European stocks were steady to decline in more cautious trade because markets were still jittery after the terrorist attack in London on Wednesday. Moreover, traders kept focusing on Donald Trump’s policies.

During European morning trade, the EURO STOXX 50 headed south 0.26% Germany’s DAX 30 lost 0.01%, while France’s CAC 40 slid 0.22%.

Market participants were especially concerned about Trump’s ability to gain enough support for his healthcare bill, expected to replace Obamacare.

Financial stocks were mixed because French lenders BNP Paribas as well as Societe Generale lost respectively 0.05% and 0.13%. Germany’s Deutsche Bank slumped 0.13%, Commerzbank soared 0.72%.

Among peripheral lenders, Intesa Sanpaolo surged 1.60% and Unicredit slid 0.21% in Italy. Besides this, Spanish banks Banco Santander and BBVA surged 0.51% and 0.35% respectively.

In London, FTSE 100 decreased 0.21%, suppressed by Kingfisher, whose stocks plummeted 2.29%.

The Bank of England kept its benchmark interest rate intact and also announced no change to its asset purchase facility program, as Britain’s major bank revealed on Thursday.

The BOE accounted that that it was holding the benchmark interest rate at about 0.25%, which is a widely expected move. Additionally, the major bank also informed that it was about to maintain the stock of asset purchases funded by the issuance of major bank reserves at £435 billion.

Minutes from the major bank's policy gathering revealed that eight members were in favor of leaving the major interest rate at the current record minimum of 0.25%.

By the way, dissenting member Kristin Forbes baked a 0.25% lift in the benchmark rate to 0.50%.

Market experts expected the Bank of England to vote 9-0 to keep its policy steady.

The currency pair GBP/USD was trading at 1.2320 from approximately 1.2260 ahead of the announcement. Meanwhile, EUR/GBP hit 0.8705, compared with the previous outcome of 0.8746 earlier.

US nonfarm payrolls (NFP) will be released at 15:30 MT time.
Billions of traders wait for this release every month. The indicator will show how many jobs were created in the US during in February. The US Department of Labor will also publish unemployment rate and average hourly earnings. The Federal Reserve is closely monitoring these figures while making its monetary policy decisions. As a result, the release has a great impact on the US dollar in all currency pairs.
Traders are wondering about the Fed’s rate hike timing this year. How soon the US central bank raises rates largely depend on the strength of America’s labor market data. Last time NFP exceeded forecasts (227K vs. 170K expected), but earnings and unemployment rate disappointed.
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