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Forex Today: US Dollar weakens after softer US jobs data

Here is what you need to know for Friday, July 3:

The US Dollar Index (DXY) came under pressure near the 100.90 level after the latest United States (US) employment report showed a clear slowdown in hiring. Nonfarm Payrolls rose by only 57,000 in June, while May’s gain was revised down to 129,000 from 172,000.

The Unemployment Rate unexpectedly fell to 4.2%, but the decline was partly offset by a drop in the labor force participation rate to 61.5%. Wages remained steady, with Average Hourly Earnings rising 0.3% MoM and 3.5% YoY, suggesting that labor demand is cooling but wage pressure has not fully disappeared.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD-0.51%-0.56%-0.95%-0.27%-0.41%-0.48%-0.77%
EUR0.51%-0.05%-0.46%0.23%0.11%0.06%-0.26%
GBP0.56%0.05%-0.39%0.25%0.16%0.10%-0.22%
JPY0.95%0.46%0.39%0.66%0.55%0.45%0.17%
CAD0.27%-0.23%-0.25%-0.66%-0.12%-0.18%-0.49%
AUD0.41%-0.11%-0.16%-0.55%0.12%-0.05%-0.37%
NZD0.48%-0.06%-0.10%-0.45%0.18%0.05%-0.31%
CHF0.77%0.26%0.22%-0.17%0.49%0.37%0.31%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

EUR/USD gained half a percentage point to 1.1430 as the weaker Greenback helped the pair recover ground. On the European side, Eurostat reported that the Euro area Unemployment Rate stood at 6.2% in May, stable from April.

The broader EU Unemployment Rate was 5.9%, also stable on the month and down from 6.0% in May 2025. The data showed that labor conditions remain resilient, supporting the Euro despite still-soft growth momentum.

GBP/USD is trading higher near 1.3350, benefiting from a softer USD tone, although upside remains limited as investors continue to assess the Bank of England’s (BoE) outlook. With United Kingdom (UK) inflation risks still present and growth signals uneven, the Pound remains sensitive to incoming domestic data and central-bank comments.

USD/JPY slipped close to 1% near 161.10 as weaker US employment figures weighed on Treasury yields and reduced immediate pressure for additional Federal Reserve (Fed) tightening. The pair remains vulnerable to changes in the US rate outlook, while investors continue to watch for any signs of discomfort from Japanese authorities over excessive Yen weakness.

AUD/USD traded higher close to the 0.6920 price region as the Greenback weakened, but the Aussie’s upside remained cautious ahead of key Australian and Chinese services data. Australia’s final S&P Global Composite Purchasing Managers Index (PMI) and Services PMI for June will be watched after the flash readings showed the Composite PMI at 49.8 and the Services PMI at 49.9, both just below the 50.0 expansion line. S&P Global said Australian business activity was close to stabilization, although new orders continued to fall and business confidence weakened.

China will also be important for the Australian Dollar, with the RatingDog Services PMI due early on Friday after the previous reading jumped to 54.4 in May, showing strong expansion in the services sector. A stronger Chinese services print could support AUD sentiment, while a slowdown from May’s level may limit the Aussie’s recovery.

West Texas Intermediate (WTI) Oil is trading at $68.60 per barrel, supported by geopolitical risk and demand expectations, although a softer US jobs report raised concerns about the strength of future energy demand.

Gold gained traction and is now trading at $4,124 as the weaker US Dollar and softer labor market data improved demand for the non-yielding metal. A cooling US jobs market tends to reduce pressure on the Fed to stay aggressively hawkish, which supports Gold.

Author

Agustin Wazne

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

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