Forex News
- US private employers added an average of 42.25K jobs per week in early May.
- Hiring in the private sector strengthened for the second week in a row.
- ADP Employment Change 4-week average in the previous week printed at 33K.
Private-sector hiring in the United States (US) remains strong, according to the ADP National Employment Report (NER) Pulse. For the four weeks ending May 2, the private sector added an average of 42,250 jobs per week, with hiring strengthening for the second week in a row.
Market reaction
The market did not react to the headline; rather, it maintains focus on the Iran war. The US Dollar (USD) retains its positive momentum across the board, as investors pile up bets on an upcoming Federal Reserve (Fed) interest rate hike.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.30% | 0.15% | 0.16% | 0.08% | 0.68% | 0.45% | 0.38% | |
| EUR | -0.30% | -0.14% | -0.11% | -0.21% | 0.39% | 0.17% | 0.08% | |
| GBP | -0.15% | 0.14% | 0.04% | -0.06% | 0.51% | 0.32% | 0.23% | |
| JPY | -0.16% | 0.11% | -0.04% | -0.09% | 0.50% | 0.29% | 0.20% | |
| CAD | -0.08% | 0.21% | 0.06% | 0.09% | 0.59% | 0.38% | 0.30% | |
| AUD | -0.68% | -0.39% | -0.51% | -0.50% | -0.59% | -0.20% | -0.29% | |
| NZD | -0.45% | -0.17% | -0.32% | -0.29% | -0.38% | 0.20% | -0.09% | |
| CHF | -0.38% | -0.08% | -0.23% | -0.20% | -0.30% | 0.29% | 0.09% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Deutsche Bank’s Henry Allen notes that despite the Iran conflict and higher long-dated Oil prices, risk assets and equities have remained resilient as the Brent curve stays heavily backwardated. He argues markets still see the Oil shock as temporary, with 6‑month Brent futures only just above $90/bbl, limiting the likelihood of a deeper selloff for now.
Backwardated curve signals temporary oil shock
"Indeed, yesterday saw oil futures for December 2026 reach new intraday highs, whilst government bond yields are trading around multi-year records as well."
"By contrast today, the oil curve remains heavily backwardated – the gap between front-end futures and 6-month futures has consistently remained elevated."
"Whether or not that ultimately proves correct, those expectations are reflective of a belief that this would be a temporary shock, hence risk assets have been resilient."
"But even there, the 6-month Brent future is still only just above $90/bbl, and declining energy intensity means that a given level for oil prices doesn’t create the economic shock it used to."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
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