According to CoinMeta, EUR / USD is consolidating near key trend lines, with the market focusing on the upcoming release of the U.S. non-farm payroll data ( NFP ) and Consumer Price Index ( CPI ) reports. This week, the dollar has generally weakened due to the easing of tensions in the Middle East and increased expectations for a U.S.-Iran agreement. Despite diminished market expectations for the agreement, the dollar may still face pressure unless there is a new escalation. Next week's CPI report will be crucial for September's FOMC decisions; a strong report could trigger a rebound in the dollar, with traders increasing bets on interest rate hikes, while a weak report might reduce the risk of the Federal Reserve tightening policy. There is also the NFP report today, which, although usually the economic data that causes the most market volatility, may have a greater impact because the Federal Reserve is concerned about inflation. Policymakers emphasize that the labor market stability is not a source of inflation, and wage growth has steadily slowed since 2022, approaching pre-pandemic levels. Market pricing still favors an interest rate hike in September, with a probability of 76%.