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Forex Today: All the attention goes to the US labour market

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Unitedstates,Dollarindex,Currencies

The Greenback succumbed to expectations of a potential 50 bps rate cut by the Fed later this month after data signalled further cooling in the US labour market, all prior to crucial metrics later in the week.

Here is what you need to know on Thursday, September 5: The US Dollar Index receded to multi-day lows near 101.20 on the back of market chatter, suggesting a larger rate cut and shrinking US yields. The key ADP Employment Change takes centre stage on September 5, seconded by weekly Initial Jobless Claims, the final S&P Global Services PMI, and the ISM Services PMI. EUR/USD regained composure and flirted with the 1.1100 barrier against the backdrop of renewed downward bias in the Greenback.

Extra appreciation of the Japanese Yen, lower yields, and the marked pullback in the US Dollar all helped USD/JPY retest the 144.00 region, adding to Tuesday’s decline. Average Cash Earnings, and weekly Foreign Bond Investment figures are expected on September 5. In quite a volatile day, AUD/USD barely changed just above the 0.6700 yardstick amidst Chinese concerns, the weaker Dollar, and declining commodity prices. The Balance of Trade results and the speech by the RBA’s M.

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