US NFP disappoints, but the rest of the report is solid. NFP for March came 98k, far below the consensus of 180k.

USD weakened on the news. However, the rest of the report was decent, with the unemployment rate dropping notably. Thus, USD quickly reversed its losses to trade higher against its major counterparts. This report keeps the door wide open for another near-term Fed hike, perhaps as early as June. Focus now turns to Chair Yellen’s speech today (20:00 GMT), for any signals on whether that scenario is likely.

Norway: CPI data for March (06:00 GMT). Both the headline and the core rates are expected to have ticked up, which could support NOK.

Speakers: Besides Fed Chair Yellen, ECB Vice President Constancio.

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