According to Mars Finance, citing Jinshi, the US dollar weakened as oil prices fell and investors turned their attention to the key US non-farm payroll report. Oil prices declined after US Treasury Secretary Bessenter announced temporary measures to alleviate pressure on oil supplies from the Middle East conflict. The Middle East conflict, however, pushed up oil prices and boosted the dollar, with markets reducing expectations for a Federal Reserve rate cut due to potential inflationary pressures. Non-farm payroll data is typically a key indicator shaping interest rate expectations.
With the non-farm payroll data release imminent, the US dollar weakened and oil prices fell.
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