Market news
07.03.2024, 19:49

Forex Today: The Dollar looks at NFP for fresh oxygen

The continuation of the solid sentiment surrounding the risk-associated universe kept the US Dollar under extra pressure. On the central banks’ front, the ECB left its policy rates intact, while President Lagarde delivered an apathetic press conference. Next on tap comes the key US Non-farm Payrolls amidst rising bets for a Fed’s rate cut in June.

Here is what you need to know on Friday, March 8:

The greenback intensified its decline and prompted the USD Index (DXY) to break below the 103.00 support for the first time since early February. On March 8, the release of Non-farm Payrolls will take centre stage, seconded by the Unemployment Rate. In addition, the Fed’s J. Williams is due to speak.

EUR/USD rose further and printed new multi-week tops near 1.0950 after the ECB left its monetary conditions unchanged. Another revision of the GDP Growth Rate in the broader Euroland is expected at the end of the week.

GBP/USD clinched fresh 2024 highs in levels just above 1.2800 the figure amidst extra selling pressure in the Greenback. The next event of note across the Channel will be the publication of the labour market report on March 12.

USD/JPY tumbled to fresh five-week lows well south of the 148.00 support on the back of lower US yields and further speculation of the BoJ’s potential lift-off as soon as at its March meeting. A busy docket on March 8 will see Household Spending, Bank Lending, preliminary prints of the Coincident Index and the Leading Economic Index and finally the release of the Eco Watchers Survey.

AUD/USD added to Wednesday’s strong rebound and finally left behind the key 0.6600 hurdle in response to the sour sentiment around the US Dollar. The RBA’s S. Hunter is due to speak on March 11.  

Prices of WTI extended their consolidative mood near the $80.00 region per barrel amidst expectations of a Fed’s rate cut and larger crude oil imports in China during January and February.

Gold prices rose further and clinched an all-time high past the $2,160 mark per troy ounce. Its cousin Silver followed suit and flirted with the $24.50 zone per ounce, or three-month highs.

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