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EUR/USD news for August 9, 2026

The US dollar is facing a tougher period as weak jobs data has surprised markets and cast doubt on the Fed's rate hike path. With September hold odds now leading, expectations for a rate increase are being trimmed, which is putting pressure on the currency pair.

How the day unfolded

  1. The euro surged against the dollar after US non-farm payrolls contracted by 23k, with downward revisions revealing deeper labor market weakness. This unexpected softening has cast serious doubt on Fed rate hike expectations, a key driver for EURUSD. Separately, the euro showed mixed performance against other peers, with gains versus the Canadian dollar but resistance against the pound and yen.

  2. The euro surged against the dollar after US non-farm payrolls unexpectedly contracted by 23k, with downward revisions pointing to deeper labor market weakness. This has cast doubt on further Federal Reserve rate hikes, which typically weighs on the dollar and supports the euro. The EUR/USD pair now faces a key technical hurdle around 1.1560, according to analysts.

  3. The Euro strengthened against the U.S. dollar as a shocking U.S. Non-Farm Payrolls report showed a contraction and downward revisions, prompting markets to reverse expectations for a Federal Reserve rate hike in September. The weak labor market data cast doubt on the Fed's tightening path, undermining the dollar and supporting the euro, although the single currency also faced technical resistance around 1.1560.

  4. EURUSD is being driven by a surprise contraction in US Non-Farm Payrolls (-23k) and downward revisions that reveal deeper labor market weakness, which reversed expectations of a Fed rate hike in September. This has boosted the euro against the dollar, though the euro's recovery faces a key technical hurdle near 1.1560. Additionally, broader G10 FX commentary highlights a narrow path for a weaker dollar, with geopolitical and policy uncertainties also in play.

  5. EURUSD rose after US Non-Farm Payrolls unexpectedly contracted by 23k, with revisions pointing to deeper labor market weakness. This surprised traders and reversed expectations for a Federal Reserve rate hike in September, weighing on the dollar. Market sentiment remains cautious amid ongoing uncertainty over US inflation and geopolitical tensions.

  6. Weak US jobs data have raised doubts about further Fed rate hikes, which could weigh on the dollar. Markets are also questioning the Fed's inflation resolve after the July meeting, with upcoming US inflation data likely to be a key driver. Meanwhile, EUR/JPY recovered from lows, but the overall EURUSD outlook remains tied to Fed policy expectations and global uncertainty.

  7. Recent US jobs data surprised to the downside, leading markets to doubt the Fed's plans for further rate hikes. Meanwhile, commentary from the July FOMC raises questions about the Fed's inflation resolve. This uncertainty about US monetary policy is a key driver for EURUSD, as it affects interest rate differentials.

  8. Surprise weakness in US jobs data has cast doubt on further Fed rate hikes, with market odds now favoring a September hold. This shift in Fed expectations is seen as creating a tougher period for the dollar, which is a key driver for EUR/USD. Upcoming US inflation data is also in focus as a factor that could influence these expectations.

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As of 23:53 UTC

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Not investment advice. For informational purposes only.