The Eurozone's inflation figures are set to be announced today, followed by non-farm payroll numbers. These announcements could significantly impact the EUR/USD pair and play a crucial role in shaping market expectations regarding future policy movements.

Moreover, the Eurozone's PMI showed a much higher increase than market expectations on Thursday, raising hopes among investors that the European Central Bank (ECB) might cut interest rates more than anticipated. Market speculation suggests the ECB might reduce rates by up to 150 basis points this year, which is seen as a driving force for the EUR/USD pair today.

Although the dollar faces pressure due to expectations of multiple rate cuts in 2024, the steady report on the US labor market maintains its stability, leading to increased yields on US government bonds.