Market View: Friday, May 8, 2026

The US dollar is surrendering ground; XAUUSD appears softer this morning; EURUSD does not reflect a similar tone of caution; Bitcoin trades calmer, though notably less impulsive.

• The greenback appears to be in defence rather than attack mode ahead of the NFP report due later today.
• The broader bullish structure in gold remains intact, though for now the metal seems more inclined towards consolidation and modest profit-taking following its recent advance rather than continuing to push aggressively higher.
• EURUSD is displaying a convincing upside momentum.
• Bitcoin investors are clearly reducing risk appetite and waiting for clarity on the NFP prints.

Today’s focus

FX snapshot

XAUUSD

Currently, gold requires either a weak US labor report or a more serious geopolitical deterioration to trigger another leg higher.

EURUSD

However, a stronger-than-expected US report could place renewed downward pressure on the pair.

BTC

If payrolls disappoint and the USD weakens, Bitcoin could quickly regain upward momentum.

Market sentiment

This morning’s session is no longer trading in a clear risk-on environment, but rather in a state of cautious hesitation. Investors appear indifferent toward positioning ahead of today’s Nonfarm Payrolls release. The market views today’s data as the key event capable of reshaping short-term expectations.