Forex Today: The US labour market remains centre stage with NFP Revision

The US Dollar (USD) added to Friday’s decline as investors continued to assess the latest NFP figures, while expectations of extra rate cuts by the Federal Reserve kept the currency under scrutiny.

Here's what to watch on Tuesday, September 9:

The US Dollar Index (DXY) slipped back to the area of multi-week lows near 97.50 amid the continuation of the bearish leg and extra retracement in US yields across the curve. The NFP Annual Revision will be in the spotlight, seconded by the NFIB Business Optimism Index and the weekly report on US crude oil inventories by the API.

EUR/USD traded with modest gains and challenged the upper end of its range around 1.1750. The ECB’s Montagner and Machado are due to speak.

GBP/USD rose for the second day in a row and confronted once again the key resistance area near 1.3550. The BRC Retail Sales Monitor is only due across the Channel alongside the speech by the BoE’s Breeden.

USD/JPY kept its erratic performance, revisiting the 148.50 zone, but losing momentum afterwards. The Machine Tool Orders will be published on the Japanese calendar.

AUD/USD climbed further, hitting seven-week highs just pips away from the 0.6600 barrier. The Westpac Consumer Confidence Index is due in Oz, followed by the NAB Business Confidence gauge.

WTI prices rose marginally past the $62.00 mark per barrel, reversing three consecutive daily pullbacks as traders digested the OPEC+ output hike.

Gold climbed further north of the $3,600 mark per troy ounce, reaching all-time highs on the back of steady prospects for further rate cuts by the Fed in the next few months. Silver prices navigated above the $41.00 region, revisiting levels last seen 14 years ago.