1. U.S. Job Growth Seen Slowing In February
Markets will focus on February’s U.S. jobs report to be released at 13:30 GMT today. The NFP could stack more pressure on the floundering euro with forecasts pointing to 180,000 jobs added in the United States last month, after two months of staggering growth. The U.S. economy added 304,000 jobs in January and 222,000 in December. It should be noted however that since the dollar is already trading at 10 month highs against its major rivals, whether it can remain on an uptrend in the long-term is debatable, but for now a strong U.S. jobs report would provide further boost for the currency.*
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2. Euro Nears 21-Month Low
The euro struggled near a 21-month low against the dollar on Friday, hurt by a series of dovish signals from the European Central Bank, with the currency market bracing for further volatility ahead of U.S. jobs data later in the day. The single currency stood at $1.1206 as of 8:15 GMT this morning, recovering somewhat from yesterday’s losses. The euro tumbled 1 percent on Thursday to touch $1.1176, its lowest since June 2017. The euro took a big hit on Thursday after the ECB pushed back the timing of its first post-crisis interest rate hike to 2020, cut its economic forecasts and launched a new round of cheap bank loans. The common currency has declined 1.5 percent so far this week.**
3. Tesla Gets $520M Loan for Shanghai Gigafactory
Tesla (TSLA) is getting as much as $520M in loans from Chinese banks to build a vehicle and battery factory plan in China, it disclosed in a regulatory filing. The electric-vehicle maker entered into a syndication loan agreement with China Construction Bank, Agricultural Bank of China, Industrial Commercial Bank of China, and Shanghai Pudong Development Bank for an unsecured term facility of up to 3.5B RMB or $520M.***
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*Source: Investing Mar 8, 2019 2:48 AM ET
**Source: Reuters Mar 8, 2019 3:53 AM ET
***Source: CNBC Mar 8, 2019 03:07 AM ET