• EUR/USD remains sidelined after three-week uptrend, bulls run out of steam of late.
• US employment data renew hawkish Fed bets but mixed details check Euro bulls.
• ECB remains hawkish despite cautious mood ahead of the key US data/events.
• US-China tension, US inflation and FOMC minutes will be crucial for clear directions, Easter Monday holiday to limit intraday moves.

EUR/USD seesaws around 1.0900 during a sluggish start to the key week amid Easter Holiday. Apart from the holidays, recently mixed concerns about the Federal Reserve’s (Fed) next move, as well as the European Central Bank’s (ECB) rate hike concerns also weigh on the Euro pair.

Hawkish bets on the Fed’s 0.25% rate hike increased after upbeat US employment data for March. However, the market participants also expect a rate cut in late 2023 and hence pour cold water on the face of the Fed hawks, which in turn please the EUR/USD bulls.

That said, the US Bureau of Labor Statistics (BLS) revealed that Nonfarm Payrolls (NFP) rose by 236K in March, the lowest since January 2021 (considering the revisions), versus 240K expected and 326K prior. Further, the Unemployment Rate eased to 3.5% versus 3.6% prior while the Labor Force Participation Rate improved to 62.6% from 62.5%. Finally, annual wage inflation, per the Average Hourly Earnings, dropped to 4.2% from 4.6%, versus market forecasts of 4.3%. Previously, US JOLTS Job Openings dropped to the 19-month low in February while the ADP Employment Change for March also disappointed markets with 145K figures. Further, the US ISM Services PMI for March also amplified pessimism as it dropped to 51.2 versus 54.5 expected and 55.1 prior.