Weaker U.S. Jobs Report Lifts Markets (07.03.2026)
A weak US jobs report changed expectations for Federal Reserve policy, reducing the perceived likelihood of another rate hike this year.
The softer dollar supported gold, which climbed back above $4,000 after touching an eight-month low, while the euro recovered modestly but remained capped below key technical resistance. The yen stayed in focus as intervention speculation intensified following its slide to multi-decade lows.
Oil prices remained subdued as shipping through the Strait of Hormuz continued to normalize and US-Iran negotiations progressed, supporting expectations of improving global supply. Saudi Arabia and the UAE have largely restored crude exports, keeping pressure on Brent despite ongoing geopolitical discussions.
A weak US jobs report changed expectations for Federal Reserve policy, reducing the perceived likelihood of another rate hike this year.
The softer dollar supported gold, which climbed back above $4,000 after touching an eight-month low, while the euro recovered modestly but remained capped below key technical resistance. The yen stayed in focus as intervention speculation intensified following its slide to multi-decade lows.
Oil prices remained subdued as shipping through the Strait of Hormuz continued to normalize and US-Iran negotiations progressed, supporting expectations of improving global supply. Saudi Arabia and the UAE have largely restored crude exports, keeping pressure on Brent despite ongoing geopolitical discussions.
- EUR/USD moved back above 1.1400 but remained within its weekly range, unable to clear resistance at 1.1435. The US dollar eased slightly as traders waited for the latest Nonfarm Payrolls report.
- The yen traded around 161 per dollar after nearly a 1% rally in the previous session. Finance Minister Satsuki Katayama reiterated that authorities are ready to intervene at any time if necessary.
- The British pound advanced toward $1.34, reaching its strongest valuation in two weeks as the U.S. dollar faced downward pressure. The dollar was weighed down by a significantly weaker jobs report and improving global risk appetite
- The offshore yuan strengthened to around 6.78 per dollar after recovering from the previous session.
- Gold climbed toward $4,200 per ounce after underperforming US labor data reduced expectations for additional Fed tightening. The US economy added 57,000 jobs in June, well below the 110,000 forecast and the weakest reading in four months.
- Silver climbed above $61 per ounce on Friday, extending recent gains after a disappointing U.S. employment report prompted market participants to scale back Federal Reserve interest rate hike forecasts
- Bitcoin traded near $61,289, down 0.31% on the day. The cryptocurrency has declined 3.88% over the past four weeks and remains 43.27% below its level a year ago.
- Brent crude held around $72 per barrel, close to levels seen before the Middle East conflict began in late February.
- The NAS100 traded below 30,000 as technology shares remained under pressure despite softer US labor data.
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