Strong US Jobs Lift Dollar, Pressure Metals (09.07.2026)

Global markets started the week with renewed focus on Federal Reserve tightening after stronger U.S. employment data lifted September rate-hike expectations. 

The dollar index held above 99 as strong US jobs data lifted Fed hike bets. Payrolls surged 162,000, unemployment held at 4.1%, and wage growth eased to 3.1%. Hike odds rose to 60% from 50%, while US-Iran tensions added safe-haven demand. The euro remained near 1.16 and sterling weakened toward 1.35 as the dollar gained, while gold fell toward $4,400 and silver slipped below $66. Meanwhile, the yen held near 156 as expectations for further Bank of Japan tightening and the unwinding of carry trades continued to provide support. Rising oil prices amid renewed U.S.-Iran tensions added to inflation concerns.

EUR/USD Holds Near 1.1609

EUR/USD traded near 1.1609, holding within a tight range as markets weighed broad dollar strength against shifting Fed and ECB interest rate expectations. The pair faced resistance near 1.1720 while holding support around 1.1650, with moving averages reflecting an ongoing tug-of-war between institutional and retail investors.

The first resistance is positioned at 1.1640 while the support starts from 1.1550.

Gold Falls Toward $4,400

Gold dropped toward $4,400 on Monday, continuing its decline after surprisingly strong US employment data elevated Fed rate-hike expectations. Nonfarm payrolls surged by 162,000 in August, beating forecasts and lifting September hike probabilities to around 60%. Pressure on bullion intensified as rising oil prices, fueled by US-Iran maritime strikes, added to ongoing inflation concerns.

First resistance is seen at $4450, with initial support near $4380.

Yen Holds Near 156

The Japanese yen hovered near 156 against the dollar, building on last week's 2% rally as expectations for Bank of Japan rate increases mounted. Government economic advisers signaled potential hikes in September and January. Unwinding carry trades and US pressures offered additional support, even as data revealed a record $79.6 billion drop in Japan's August foreign exchange reserves following massive market interventions.

First resistance is seen at 158.00, with initial support near 155.10.

Pound Weakens Toward $1.35

The British pound eased toward $1.35, hovering near a two-week low as strong US jobs data supported the dollar and heightened Fed rate-hike expectations. August nonfarm payrolls rose 162,000, lifting September hike odds near 60%. Meanwhile, UK markets fully price a Bank of England rate increase by year-end, following comments from BoE official Pill warning against delayed tightening.

From a technical view, resistance stands near 1.3590, with support around 1.3470.

Silver Drops Below $66

Silver slipped below $66 on Monday, deepening losses as solid US employment figures raised expectations for Federal Reserve policy tightening. August nonfarm payrolls added 162,000 jobs, topping estimates and pushing September rate-hike odds to nearly 60%. Rising oil prices following maritime strikes between the US and Iran placed additional downward pressure on the metal by feeding inflation worries.

From a technical view, resistance stands near $68.20, while support is located around $65.70.