EUR/USD news for August 7, 2026

The euro strengthened against the dollar after US Non-Farm Payrolls contracted by 23,000 and revisions revealed deeper labor market weakness, prompting markets to unwind expectations for a September Federal Reserve rate hike. The dollar broadly tumbled as the 'sell America' trade resumed, while the euro also drew support from positive German industrial output data, holding near three-week highs.

Updated 22:24 UTC

How the day unfolded

1. 10:24 UTC

   EUR/USD is hovering near three-week highs as positive Eurozone data, including stronger German industrial output, and a softer US dollar amid 'Sell America' trading sentiment lend support. However, the dollar is firming ahead of US nonfarm payrolls as geopolitical risk around Hormuz returns, while reports that the US sold euros to prop up the yen caught the ECB off guard, adding an element of uncertainty.

2. 13:24 UTC

   The euro is hovering near three-week highs as a surprisingly weak US jobs report (non-farm payrolls fell 23k with downward revisions) has prompted traders to scale back expectations for Federal Reserve interest rate hikes, weighing on the US dollar. Additional support comes from positive euro-area data and lower oil prices, which have helped steady the currency. These factors are currently driving EURUSD higher.

3. 19:24 UTC

   The euro strengthened to three-week highs against the dollar after US non-farm payrolls contracted by 23,000, with downward revisions pointing to deeper labor market weakness. This shifted expectations around the Federal Reserve's September rate path, pressuring the US dollar. The euro also drew support from positive German industrial output data and lower oil prices.

Headlines (15)

• Pound Sterling Vulnerable to Bank of England Sitting Out the Hiking Race: HSBC
  www.poundsterlinglive.com · Aug 5, 05:46 UTC
• Asian shares jump on AI trade revival despite SpaceX, AMD setbacks, as oil prices dip – business live
  www.theguardian.com · Aug 5, 07:08 UTC
• investingLive European markets wrap: Dollar subdued, gold climbs; US stocks eyed after record-breaking day
  investinglive.com · Aug 5, 11:39 UTC
• Euro steadies at three-week highs amid positive data and lower Oil prices
  www.fxstreet.com · Aug 6, 06:21 UTC
• US Dollar Tumbles as 'Sell America' Trade Returns. Forecast as of 06.08.2026
  www.litefinance.org · Aug 6, 06:32 UTC
• The USD is mostly higher vs the major currencies to start the NA session
  investinglive.com · Aug 6, 12:12 UTC
• Forex Today: US Dollar firms ahead of Nonfarm Payrolls as Hormuz risk returns
  www.fxstreet.com · Aug 6, 20:53 UTC
• ECB kept out of loop on historic US-Japan yen intervention, FT reports
  investinglive.com · 01:03 UTC
• US euro sale to prop up yen blindsided European Central Bank
  www.ft.com · 01:05 UTC
• Euro steadies against the British Pound following another rejection at the 0.8580 area
  www.fxstreet.com · 07:07 UTC
• Euro remains stronger against Canadian Dollar as German Industrial output beats forecasts
  www.fxstreet.com · 08:04 UTC
• How have interest rate expectations changed after this week's events?
  investinglive.com · 10:58 UTC
• US Non-Farm Payrolls Contract -23k. Revisions Expose Deeper Labor Market Weakness
  www.actionforex.com · 12:43 UTC
• Euro surges as shocking US NFP reverses Fed September hike expectations
  www.fxstreet.com · 13:01 UTC
• EUR/JPY recovers from session low but remains down on Friday
  www.fxstreet.com · 18:49 UTC

Scheduled events

As of 22:24 UTC

• 2026-08-07 — German Industrial Production m/m · forecast 0.2% · EUR
• 2026-08-07 — German Trade Balance · forecast 17.2B · EUR
• 2026-08-07 — French Trade Balance · forecast -6.5B · EUR
• 2026-08-07 — Non-Farm Employment Change · forecast 85K · USD
• 2026-08-07 — Average Hourly Earnings m/m · forecast 0.3% · USD
• 2026-08-07 — Unemployment Rate · forecast 4.2% · USD
• 2026-08-07 — FOMC Member Barkin Speaks · USD
• 2026-08-07 — Consumer Credit m/m · forecast 11.4B · USD