Forex Today: The US Nonfarm Payrolls are coming!

Pablo Piovano FXStreet

The downtrend in the US Dollar gathered extra steam on Wednesday, fuelled by concerns over the US economy and some renewed hopes that the Trump administration could delay some planned tariffs.

Here is what you need to know on Friday, March 7:

The US Dollar Index (DXY) retreated further and breached the 104.00 support, hitting fresh multi-month lows. The release of the Nonfarm Payrolls will take centre stage along with the Unemployment Rate. In addition, the Fed’s Powell, Kugler, Bostic, Bowman, and Williams are all due to speak.

EUR/USD rose further and reached new 2025 peaks around the 1.0850 zone following the weaker Greenback and the ECB’s rate cut. Another estimate of Q4 GDP Growth Rate in the euro area is due followed by quarterly Employment Change prints and Germany’s Factory Orders. Additionally, the ECB’s Lagarde and Buch are expected to speak.

GBP/USD clocked new four-month highs north of 1.2900 the figure, although it eventually ended the day barely changing from Wednesday’s close. The Halifax House Price Index, and the BBA Mortgage Rate will be released, seconded by speeches by the BoE’s Mann.

USD/JPY dropped for the second straight day, this time slipping back to the 147.30 region, an area last traded in early October. Next on tap on the Japanese docket will be the Average Cash Earnings, Current Account, Bank Lending, the preliminary Coincident Index and the Leading Economic Index, as well as the Eco Watchers Survey, all due on March 10.

AUD/USD picked up further pace and reached multi-day highs near 0.6360, although running out of some impulse afterwards. The Westpac Consumer Confidence Index will be the next release on the Australian calendar on March 11.

WTI prices alternated gains with losses above the $66.00 mark per barrel amid OPEC+ plans, uncertainty around US tariffs and increasing US crude oil supplies.

Prices of Gold barely moved on Thursday, keeping the trade just above the $2,920 level per troy ounce amid some profit taking mood and rising US 10-year yields. Silver prices extended their march north to the $32.70 zone, or two-week tops.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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