Forex Today: US Nonfarm Payrolls will grab all the attention

Pablo Piovano FXStreet

The US Dollar (USD) managed to regain some balance and clock decent gains, always meandering in the low 98.00s amid investors’ rising expectations ahead of the release of the crucial NFP report.

Here's what to watch on Friday, September 5:

The US Dollar Index (DXY) regained fresh upside impulse and partially reversed Wednesday’s downtick in a context of extra weakness in US yields across the curve. The Nonfarm Payrolls will be the salient event on September 5, followed by the Unemployment Rate. In addition, the Fed’s Goolsbee is due to speak.

EUR/USD maintained its consolidative phase in place around 1.1650 ahead of the release of key US data. Germany’s Factory Orders, another revision of the Q2 GDP Growth Rate in the euro area, and the final EMU’s Q2 Employment Change will wrap up the calendar.

GBP/USD alternated gains with losses in a tight range near the 1.3450-1.3440 zone against the backdrop of a decent recovery in the Greenback. Retail Sales will take centre stage along with the Halifax House Price Index.

USD/JPY resumed its weekly uptrend, reclaiming the 148.00 hurdle and beyond amid decent gains in the US Dollar. Household Spending is next on tap in Japan, followed by Average Cash Earnings, and the preliminary Coincident and Leading Economic Indexes.

AUD/USD came under fresh downside pressure, faltering just ahead of the 0.6500 region. Next on tap on the Australian docket will be the Balance of Trade results and Household Spending figures.

Prices of the American WTI receded further, revisiting two-week lows in the area below the $63.00 mark per barrel as traders continued to assess the likelihood of output hikes by the OPEC+.

Gold halted its multi-day positive streak, giving away some gains following Wednesday’s all-time tops near the $3,580 mark per troy ounce. The rally in Silver prices also took a breather after rising to their highest level since the summer of 2011 well past the $41.00 mark per ounce.

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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