The U.S. dollar climbed to a two-week high against the euro as investors braced for a week packed with significant economic data, particularly the U.S. payrolls report due on Friday.
As of 18:40 EST (22:40 GMT), EUR/USD remained relatively stable at 1.1046, while USD/JPY edged down 0.1% to 145.31.
The upcoming jobs report is expected to play a crucial role in influencing the Federal Reserve’s decision at its September 18 meeting. This anticipation comes after remarks from Fed Chair Jerome Powell last month, where he hinted at potential interest rate cuts due to concerns over a softening labor market.
Investors are closely watching the likelihood of a rate cut at the Fed’s next meeting. According to the CME FedWatch tool, there is a 63% probability of a 25 basis point cut and a 37% chance of a 50 basis point reduction.
Overall, the market has priced in a total of 100 basis points in cuts for the entire year.
On Tuesday, the euro weakened, falling 0.24% to $1.1043 against the dollar, after earlier hitting a two-week low of $1.1033 during the trading session.
In the context of a broader sell-off in stocks and riskier currencies, the dollar—often viewed as a safe-haven asset—appeared to benefit from investors seeking refuge amidst the market uncertainty.
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