Dollar Stalls Ahead of NFP, Geopolitics Keep Oil Prices High

The US dollar struggled to gain momentum ahead of Friday's highly anticipated nonfarm payrolls report. The greenback pulled back on Wednesday, closing at 99.59 after a series of weak labor prints throughout the week.

The ADP private payrolls added just 38,000 jobs in August, falling short of forecasts and marking the smallest monthly gain since January 2026. Other indicators, such as the JOLTS report, showed job openings falling to 7.27 million and quits dropping to 3.05 million.

However, some data suggested that input cost inflation remains persistent, with the ISM Prices Paid index holding at an elevated 71.1. The Fed's latest Beige Book echoed this mixed backdrop, describing economic activity as modest and hiring as very slight.