Forex Today: NFP data suspended amid US government shutdown
Here is what you need to know on Tuesday, February 3:
The US Bureau of Labor Statistics (BLS) advised markets on Monday that Friday's scheduled publication of the latest Nonfarm Payrolls (NFP) jobs data package will be suspended until federal government operations resume.
According to the BLS's official government website, "This website is currently not being updated due to the suspension of Federal government services.”
Traders also processed the latest manufacturing Purchasing Managers Index (PMI) reports for the United States (US). The Institute for Supply Management (ISM) Manufacturing PMI increased to 52.6 in January, up from 47.9 in December, surpassing market expectations of 48.5. The Employment Index improved to 48.1 in January, rising from 44.9 previously.
Last week, US President Donald Trump nominated former Federal Reserve (Fed) Governor Kevin Warsh to succeed Fed Chair Jerome Powell when his term ends in May.
DXY is trading near the 97.60 price zone, gaining some ground after the ISM PMI bolstered the US Dollar (USD).
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.54% | 0.18% | 0.59% | 0.48% | 0.26% | 0.34% | 0.88% | |
| EUR | -0.54% | -0.37% | 0.04% | -0.06% | -0.29% | -0.20% | 0.33% | |
| GBP | -0.18% | 0.37% | 0.40% | 0.31% | 0.09% | 0.17% | 0.70% | |
| JPY | -0.59% | -0.04% | -0.40% | -0.10% | -0.32% | -0.23% | 0.30% | |
| CAD | -0.48% | 0.06% | -0.31% | 0.10% | -0.22% | -0.13% | 0.39% | |
| AUD | -0.26% | 0.29% | -0.09% | 0.32% | 0.22% | 0.08% | 0.62% | |
| NZD | -0.34% | 0.20% | -0.17% | 0.23% | 0.13% | -0.08% | 0.54% | |
| CHF | -0.88% | -0.33% | -0.70% | -0.30% | -0.39% | -0.62% | -0.54% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
USD/CAD is trading near the 1.3680 price zone after the Canadian S&P Global Manufacturing PMI rose to 50.4 in January from 48.6 previously, signalling a return to modest expansion. Paul Smith, Economics Director at S&P Global Market Intelligence, said that “following a challenging 2025, PMI data suggested that Canada’s manufacturing sector started the new year on a more positive footing.”
AUD/USD is trading near the 0.6950 level, trimming almost all its daily losses as investors price in the Reserve Bank of Australia (RBA) will announce a hike of the policy rate by 25 basis points (bps) to 3.85% from 3.6%.
EUR/USD is trading near the 1.1790 price zone, losing some ground after the US ISM PMIs were released.
USD/JPY is trading near a weekly high at the 155.70 price region. The pair awaits the Japanese general election on Saturday.
GBP/USD is trading near the 1.3660 price zone, struggling to rebound after last week’s gains.
Gold is trading near the $4,700 price zone, staying low after posting a record high of $5,598 last week.
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
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