Forex Today: US Dollar Remains Fragile Ahead of Key NFP and Jobs Data

Forex Today: US Dollar Remains Fragile Ahead of Key NFP and Jobs Data

On Thursday, July 3, the US Dollar (USD) continues to trade under pressure as forex markets turn cautious ahead of the release of crucial US labor market data. Traders are positioning themselves for potential volatility stemming from the Nonfarm Payrolls (NFP) report and Unemployment Rate figures for June.

What to Watch: US Labor Market in Focus

The US economic calendar today includes:

• Nonfarm Payrolls (NFP) for June
• Unemployment Rate
• Average Hourly Earnings (Wage inflation)
• Weekly Jobless Claims
• ISM Services PMI (June)

These releases are expected to set the tone for short-term USD moves, especially as the Federal Reserve continues to weigh inflation trends against slowing job growth. A weaker-than-expected NFP reading could increase the probability of a Fed rate cut, further pressuring the dollar.

Why It Matters for Traders

With recent ADP employment data missing expectations and other global central banks adopting dovish tones, today's labor market data could solidify or weaken the Fed's rate outlook. The ISM Services PMI, representing over two-thirds of US economic activity, is another key barometer for near-term USD performance.

Related reading:

USD Outlook: Can NFP Trigger a Reversal?

Let me know if you'd like me to add live charts, analysis predictions, or internal links to previous NFP breakdowns.