Forex Today: US Dollar firms ahead of Nonfarm Payrolls as Hormuz risk returns
Here is what you need to know for Friday, August 7:
The US Dollar (USD) posted gains against every major currency on Thursday, with the US Dollar Index (DXY) up 0.26% near the 100.00 level as Oil rallied 3% on the reported Strait of Hormuz vessel ban, while Gold and Silver declined.
The Greenback was supported by positive labor market data, with Initial Jobless Claims missing forecasts at 199K and Challenger Job Cuts at 33.429K in July, its lowest print in the last two years. With Nonfarm Payrolls a day away, the path of least resistance was to trim risk, and that meant buying US Dollars.
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 | 0.29% | 0.14% | 0.46% | 0.04% | 0.39% | 0.32% | 0.67% | |
| EUR | -0.29% | -0.15% | 0.18% | -0.25% | 0.09% | 0.04% | 0.37% | |
| GBP | -0.14% | 0.15% | 0.32% | -0.08% | 0.23% | 0.18% | 0.53% | |
| JPY | -0.46% | -0.18% | -0.32% | -0.42% | -0.09% | -0.12% | 0.22% | |
| CAD | -0.04% | 0.25% | 0.08% | 0.42% | 0.33% | 0.30% | 0.64% | |
| AUD | -0.39% | -0.09% | -0.23% | 0.09% | -0.33% | -0.04% | 0.29% | |
| NZD | -0.32% | -0.04% | -0.18% | 0.12% | -0.30% | 0.04% | 0.36% | |
| CHF | -0.67% | -0.37% | -0.53% | -0.22% | -0.64% | -0.29% | -0.36% |
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).
The commodity picture points the same way. West Texas Intermediate (WTI) Oil is up 3% at $77 per barrel after reports that vessels linked to the United States (US), Israel, and other countries Tehran considers hostile would be barred from the Strait of Hormuz under the proposed agreement. Gold is down 0.09% at $4,243 after briefly recovering the $4,300 level, and Silver is off 0.84% at $62.
EUR/USD falls around 0.27% to trade near the 1.1500 landmark, handing back most of the recovery that carried the pair toward the top of its recent range earlier in the week.
GBP/USD eases around 0.11% to near 1.3450, with Cable still stuck in the range it has held all week without domestic catalysts.
USD/JPY rises around 0.39% to near the 158.40 region, one of the biggest movers of the session, extending its recovery from the lows reached after last week's intervention.
AUD/USD drops around 0.36% to near 0.7030, with the Aussie getting no lift from crude and facing Chinese trade figures overnight.
On Friday, China opens the session with July trade figures, while Europe brings German Industrial Production, forecast at 0.1% MoM in June after 0.9%, alongside the German Trade Balance, seen at €17.4 billion from €19.1 billion.
In the US, the Nonfarm Payrolls report is the main event. The consensus is 80K after June's 57K, with the Unemployment Rate steady at 4.2% and Average Hourly Earnings up 0.3% MoM and 3.5% YoY. Wages are the number to watch. Federal Reserve (Fed) Governor Lisa Cook said on Wednesday she was open to the idea that rates may need to rise to deal with inflation she called too high, so a firm earnings print would do more for the Dollar than a strong headline.
Canada will release jobs data, with the Net Change in Employment expected at 15K after 18.2K and the Unemployment Rate holding at 6.5%.
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