With the dust settling from an explosive week of central bank decisions and FX intervention, the week of May 4–9, 2026 is packed with market-moving events. Here is the complete guide for traders.
Monday–Tuesday: ISM Services and Fed Speakers
The ISM Services PMI (Tuesday) is the week's first major release. A print above 52.0 would reinforce US economic resilience and support the dollar; below 50.0 would reignite recession fears and weigh on USD across the board. Multiple Fed officials are scheduled to speak, including New York Fed President, whose comments on the four-way FOMC dissent will be closely watched.
Wednesday–Thursday: Japanese Data and BOJ Watch
Japan releases wage growth data Wednesday. A strong reading would increase pressure on the BOJ to hike in June, weighing on USD/JPY. Markets remain on high alert for a second round of Japanese intervention; any move back toward 159–160 would risk triggering renewed official action.
Friday, May 8: US Nonfarm Payrolls — The Week's Big Event
Consensus expects 165,000 new jobs in April. The unemployment rate is forecast to hold at 4.0%. A significant beat (+200K+) would strengthen the case for a sustained Fed hold and could push EUR/USD back below 1.1600. A miss below 120K would revive rate-cut bets and weigh on the dollar broadly.
Key Levels to Watch
- USD/JPY: Resistance 159.50 (pre-intervention); Support 155.50 (intervention low)
- EUR/USD: Resistance 1.1790; Support 1.1640
- GBP/USD: Resistance 1.3660; Support 1.3420
- DXY: Resistance 103.50; Support 101.80