The United States will publish its February labor market report today. Leading employment indicators from ISM and ADP point to the release of data at the level of the median of the forecasts, which will have a neutral influence on the quotes of the US currency. In February the temporary job cuts were observed due to bad weather in several states – it is a one-off factor that will be gone next month.

A rally in the oil market could support the pound, inasmuch as the British currency has been historically correlated with black gold. The OPEC+ summit ended the day before, where the world’s largest oil exporters agreed to increase production by 150 thousand b/d in April (Russia – 130 thousand b/d and Kazakhstan – 20 thousand b/d), while Saudi Arabia will again reduce production by 1 million b/d. This factor will exacerbate the shortage of supply on the market, which makes it possible to count on the growth of oil prices.

Investment idea: Buy 1.3860/1.3830 and take profit 1.3970.