The sharp fall in Non-Farm Employment Change penalizes the greenback, allowing the single currency, driven by a central bank which seems to be less accommodative, to quickly comeback above USD 1.30.

Although, the unemployment rate fell by 0.1% in the U.S., amounting to 7.6%, the lowest level since January 2009, job creation have been divided by three between February and March, reaching the lowest level since last June (88,000). Whereas the United States economy had recently showed signs of strength, these last figures confirm the hypothesis of a continuation of an ultra-accommodative policy by the Fed.

The eve of the publication of the famous American report, the ECB seemed to be reluctant to make new monetary easing, seeming to be satisfied by the current level of the inflation and by exchange rates that reflect price stability.

Thus, despite the Portuguese Constitutional Court which has stricken down several austerity measures, the Euro may temporarily remains supported by policy differences between monetary authorities of Frankfort and Washington.

Graphically, the single currency has closed above its 20-day moving average and seems to be able to reach the 1.3154 resistance, our next target price. We protect our positions with tight stops loss below USD 1.2958 because the mid-term trend is still bearish.