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Forecasting The Upcoming Week – NFP, US-Iran peace talks in focus

Today Markets UAEMay 2, 2026

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The US Dollar Index (DXY) fell to a two-week low near the 98.00 price zone on Friday, extending the losses seen the previous day and ending a week in which the world’s most important central banks confirmed a hawkish shift due to rising inflation pressures. Next week, traders’ attention will remain focused on any development regarding potential negotiations between the US and Iran, as well as a streak of US employment data that will culminate with Nonfarm Payrolls.

The economic calendar was light on Friday as many markets around the world were closed due to the Labor Day holiday. Still, in the US, the ISM Manufacturing Purchasing Managers Index (PMI) came in at 52.7, below the expected 53.

In the Middle East, the Islamic Republic of Iran submitted its latest negotiating proposal to Pakistan, acting as the mediator in talks with the United States. It was not immediately clear what was included in the new proposal, but Trump said that he can’t agree to the current demands from Tehran: “Iran wants to make a deal, but I’m not satisfied,” he said.

Earlier in the day, Iran’s Foreign Minister, Abbas Araghchi, discussed the latest initiatives of the Islamic Republic to end the war during phone calls with counterparts from Saudi Arabia, Qatar, Turkey, Iraq, and Azerbaijan, according to a ministry statement.

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 Japanese Yen.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.20%	-0.12%	0.09%	-0.03%	-0.25%	-0.15%	-0.27%
EUR	0.20%		0.07%	0.28%	0.15%	-0.04%	0.03%	-0.07%
GBP	0.12%	-0.07%		0.21%	0.09%	-0.12%	-0.04%	-0.12%
JPY	-0.09%	-0.28%	-0.21%		-0.12%	-0.34%	-0.28%	-0.36%
CAD	0.03%	-0.15%	-0.09%	0.12%		-0.23%	-0.14%	-0.22%
AUD	0.25%	0.04%	0.12%	0.34%	0.23%		0.08%	0.00%
NZD	0.15%	-0.03%	0.04%	0.28%	0.14%	-0.08%		-0.09%
CHF	0.27%	0.07%	0.12%	0.36%	0.22%	0.00%	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).

EUR/USD rose to an almost two-week high near the 1.1780 level. The pair keeps the rally going for a second straight day after the European Central Bank (ECB) left rates unchanged in Thursday’s meeting. US President Donald Trump announced on Friday that tariffs on the European Union’s cars and trucks would rise to 25% from the current 15%, reviving trade war fears.

GBP/USD rose to the 1.3630 price region. The rise comes as investors move away from the US Dollar (USD) amid an improved risk mood after Iran offered to reach out to the US through Pakistan, aiming to finalize the peace deal once and for all.

USD/JPY steadied after dropping from 160.00 to 156.60 following the Japanese government’s intervention on Thursday. Data released on Friday showed the Tokyo Consumer Price Index (CPI) for April ex Fresh Food at 1.9%, down from last month’s 2.3%. The headline measure was released at 1.5%, up slightly from last month’s 1.4%.

AUD/USD ticked up towards the 0.7220 price zone as traders adopt a wait-and-see approach ahead of the Reserve Bank of Australia (RBA) monetary policy decision scheduled for next Tuesday. Earlier in the day, the Producer Price Index (PPI) was at 3%, below last month’s 3.5%.

Gold trades broadly unchanged at the $4,630 level as investors focus on riskier positions over the week’s end.

WTI West Texas Intermediate (WTI) fell near the $98.50 per barrel amid Iran’s Pakistan-driven US peace deal.