Weaker U.S. Jobs Report Lifts Markets (07.03.2026)

Global markets ended the week with improved risk sentiment after weaker U.S. employment data reduced expectations for further Federal Reserve rate hikes. 

Gold and silver extended their gains, while the dollar softened against major currencies, helping the euro and pound recover. The Japanese yen remained supported by growing speculation that Japanese authorities could intervene in the foreign exchange market, with traders closely watching developments over the U.S. holiday period.

Euro Ticks Above 1.1400

EUR/USD nudged above 1.1400 but remains locked within its weekly range, failing to test the 1.1435 resistance ceiling. The dollar has given back minor recent gains as market participants adopted a cautious posture ahead of the impending Nonfarm Payrolls print. From a technical standpoint, the Euro maintains a bearish bias as long as it trades below the trendline resistance near 1.1550.

The first resistance is positioned at 1.1460 while the support starts from 1.1380.

Gold Gains on Weak Jobs Data

Gold climbed toward $4,200 on Friday after weak US jobs data reduced Fed rate hike expectations. June payrolls rose just 57,000, well below the 110,000 forecast, while unemployment held at 4.2%. September hike odds fell to about 50% from 67%, and Fed Chair Kevin Warsh said inflation expectations were easing. Lower oil prices and improving US-Iran talks, which supported shipping through the Strait of Hormuz, also lifted gold.

First resistance is seen at $4195, with initial support near $4120.

Yen Consolidates Near 161

The Japanese yen stabilized around 161 per dollar on Friday, consolidating after gaining nearly 1% in the previous session. Finance Minister Satsuki Katayama reaffirmed that authorities stand ready to step into the market at any moment to defend the currency. Her comments intensified intervention speculation, with market participants eyeing the thin liquidity over the U.S. holiday weekend as an ideal window for official action. Katayama added that Japan and the United States maintain close dialogue regarding foreign exchange policy.

Initial resistance stands at 162.70, while the first support is at 161.00.

Pound Hits Two-Week High

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, spurred by encouraging developments in indirect U.S.-Iran negotiations. The U.S. economy added just 57,000 jobs last month, missing forecasts, while the unemployment rate ticked down to 4.2% due to shrinking labor force participation.

From a technical view, resistance stands near 1.3390, with support around 1.3250.

Silver Rises Past $61

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. The U.S. economy added just 57,000 jobs in June, marking the weakest monthly expansion in four months and falling significantly short of the 110,000-consensus estimate. Meanwhile, the unemployment rate held flat at 4.2%. This weak data follows downbeat private-sector payroll figures released on Wednesday, which similarly missed market expectations.

From a technical view, resistance stands near $63.60, while support is located around $60.10.