The US Dollar Index (DXY), which tracks the greenback against six major currencies, attempted to strengthen during the European session on Tuesday after hitting a fresh six-week low near 97.30 the previous day. The US labor market has deteriorated following tariffs imposed by President Donald Trump since taking office. The US Nonfarm Payrolls (NFP) report for August showed on Friday that labor demand is slowing further, with companies adding fewer new workers. In August, the US economy added 22,000 new jobs, the worst figure seen since January 2021. The weakening US labor market has led to...
The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European trading session as the US dollar weakened ahead of the release of the revised US Nonfarm Payrolls (NFP) report, which will be published at 14:00 GMT. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a new six-week low around 97.30. Investors will be closely monitoring the US Nonfarm Payrolls (NFP) benchmark revision...
EUR/USD recorded a slight gain at 1.1760 after a two-day rally on Tuesday. The US dollar remained on the defensive as investors anticipated a sharp downward revision to US employment figures, although the political crisis in France continued to weigh on positive sentiment for the euro (EUR). The US Bureau of Labor Statistics is expected to release its seasonally adjusted employment data for the 12 months to March 2025 at 14:00 GMT. Markets are expecting a decline of up to 800,000 jobs, which would reflect a weaker-than-expected labor market and likely prompt the Federal Reserve (Fed) to...