Attention now turns to the monthly US Jobs Report on Friday (July 5th). US financial markets are closed on Thursday to celebrate July 4th, so the NFP data may not get the same amount of attention it usually commands as traders may look to extend their Independence Day holiday.
The US Dollar Index picked up a very small bid after the data but the greenback’s price action today is being driven by the Euro after the first round of the French elections on Sunday. The Euro accounts for nearly 58% of the US dollar index. The Euro opened the week higher after the results of the first round of voting suggested that the French right-wing party RN would not get an overall majority in the second round of voting. The Euro then gave back some early gains as the latest German inflation release showed price pressures easing by slightly more than expected.
