Good morning, traders.

The financial markets are stunned over the massive dip in crude oil’s future prices. Crude oil futures contract for May showed closed in negative territory in the wake of COVID-19. Today, it’s likely to be a busy day for Sterling as the UK will be releasing its labor market figures.

Considering the COVID-19 and ongoing lockdown worldwide, we may see a surge in labor market figures. Since weaker data is expected, the GBP may trade with a bearish bias. Alongside, the Eurozone economic sentiment is also expected to be negative and it may weigh on the Euro currency pairs today.

Economic Events to Watch Today

GBP – Employment Reports: Tuesday, 6:00 GMT
The forecast for the UK labor market is flat, as the coronavirus outbreak has deadened the UK market. Wage increase rose to 3.1% in January, up from 2.9% beforehand. The forecasts for February hold at 3.0%.

Jobless claims soared to 17.3K in February, up from 5.5K and much higher than the forecast of 6.2K. The unemployment rate in January bordered up to 3.9% from 3.8%, its highest mark since June. No significant change is anticipated in the unemployment rate.

German ZEW Economic Sentiment – 10:00 GMT

Investors should monitor German ZEW Economic Sentiment, which is expected to dip by -40.0 points. For your info, this Zew Economic Sentiment is a survey of about 300 German institutional investors and analysts, which asks respondents to rate the relative 6-month economic outlook for Germany.

The well-respected indicator is released by the Zentrum für Europäische Wirtschaftsforschung and typically drives sharp fluctuations in Euro pairs and European stock Indices.

Lately, it hit a low of -49.5 points in February — displaying substantial doubt in the wake of COVID-19. Economists expect another dip by -40.0 points this month, which may keep the Euro pairs in a bearish mode.

Good luck, traders, and stay tuned to FX Leaders’ Economic Calendar for live market updates.