Trump’s announcement of new reciprocal tariffs has triggered a risk-off reaction in the market, despite the stability of the US dollar. The focus is now on the upcoming US jobs data, with nonfarm payrolls expected to rise by 110k. Expectations for a strong report raise the risk of a sharp reaction if data disappoints. The market remains volatile, with the ongoing uncertainty surrounding trade deals and tariffs. The US equity market underperforms despite strong tech earnings, while cryptocurrencies continue to face pressure. Today’s data release could potentially impact Fed rate cut expectations for September.

Read more at Investing.com: US Dollar Faces Key Test Ahead of Nonfarm Payroll Report