Today’s main focus is the US January Nonfarm Payrolls report due tonight, which is likely to set the tone for markets this week. The market expects payrolls to rise to 70K (previous 50K), the unemployment rate to hold at 4.4%, and average hourly earnings (m/m) to remain modest at 0.3%. While headline job growth is forecast to pick up, recent indicators suggest the US labour market remains largely stagnant at the start of 2026. If tonight’s data undershoots expectations, volatility could re-accelerate — with particular attention on swings in gold and US equities. EURUSD edged lower after the prior rebound, with dollar ... (full story)