The dollar is heading for a weekly loss today amid a weak US economic performance and little progress in trade talks with global partners.

Investors are closely assessing the US payrolls report released today to gauge the path ahead for the Feds monetary policies, with recent data so far showing the economy is facing increasing inflationary pressures and slower growth.

A slowdown in US job creations indicates that corporations remain uncertain and concerned about tariffs, but it likely wont change the Feds cautious perspective.

Dollar No Longer a Haven?

The dollar is increasingly losing its global status as a safe haven as investors continue to flee US assets in droves.

The yen fell 0.35% today to 144.12 against the dollar, while the Swiss franc fell to 0.82.

Sterling fell 0.18% to $1.35 away from a three-year high but still heading for a 0.6% weekly profit.

The dollar index eked out some gains today to 98.9, but still headed towards a 0.5% weekly loss.

ECBs Bullish Stance

The euro tapered off six-week highs, scaled after bullish remarks by ECB officials, with the price now down to $1.1423.

Traders now expect 25 basis points of rate cuts overall by the ECB by the end of the year, with some, such as Deutsche Bank, expecting double that amount.

Recent data showed German exports and industrial production weaker than expected in April, reflecting the challenges facing the economy.

Markets React to Trump-Xi Calls

Most currencies gained on the dollar on Thursday after the Trump-Xi phone call before giving up some of the gains.

However, the call didnt provide much clarity with concerns still persistent on the future of trade negotiations between the two economies.