Live tape
EURUSD · USDCAD · XAUUSD
Morning brief
Fri 4 Sept · 08:31 BA
NFP looms, Hormuz oil holds
- 01
US payrolls print today
Nonfarm payrolls land into a market already split between a firm dollar and a war-premium bid in metals. EURUSD, yields, and gold are all sitting on the number.
EUR/USDXAU/USD - 02
Hormuz risk premium still in the tape
Oil is holding this week's strike-driven gains. That keeps a floor under gold even if a hot labor print tries to re-tighten financial conditions.
XAU/USD - 03
CAD caught between crude and the dollar
A strong NFP with sticky oil is a messy mix for USD/CAD: dollar demand versus a crude-linked loonie. Supply at 1.390 remains the mapped sell zone, not a chase from here.
USD/CAD
Overnight
- EUR/USDheld ~1.163Failed to sustain through yesterday's 1.16 supply. Narrow London-pre range.
- USD/CADeased to 1.379Still well below 1.390 supply. Discount, not an entry.
- XAU/USDspot ~4,467 after the Hormuz spikeImpulse high near 4,511. HTF demand at 4,062 is unfilled and far.
Deep read
Why today's NFP is two-way risk for gold
Hormuz has gold trading like a geopolitical hedge, but a strong labor print can re-tighten conditions and punch the bid. When those two drivers cancel, structure — not the headline — should decide. Worth the extra five minutes before London.
Prior wires
- 2026-09-04NFP looms, Hormuz oil holds
- 2026-09-03Hormuz strikes lift oil, gold
- 2026-09-02USD firm, gold dips overnight