The US employment report for March will be published later today. Uncertainty isquite high given recent distortions from the bad weather. However, we look for adecent report of 195,000 and we even see some risk on the upside, as there could bemore pay back in store from the bad weather. The unemployment rate surprisinglyincreased to 6.7% in February and we expect it to fall back to 6.6% in March.
In the euro area German factory orders in February are due for release thismorning. The new orders component of manufacturing PMI has declined in the pasttwo months and it could reflect weaker factory orders. We forecast a slight declineafter it increased by 1.0% m/m in January.
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Danske Bank