US Dollar (USD) Struggles amid Shock JOLTs Openings Drop
The US Dollar (USD) struggled to attract support yesterday following a surprise drop in the JOLTs job openings survey.
In July, the number of job openings dropped sharply on a month-by-month basis, suggesting growing slack in the labour market. This dented Federal Reserve interest rate hike bets.
Today, the latest ADP employment data is due out. Forecasters expect a fall in the number of hirings, which could weigh on USD by suggesting slack in the labour market.
Pound (GBP) Stumbles amid Light Data Calendar
Owing to a short supply of macroeconomic releases, the Pound (GBP) was unable to capitalise on an upbeat market mood yesterday.
However, continued bets on central bank divergence may have served to cushion Sterling. The Bank of England (BoE) is expected to continue hiking, whereas others appear to be nearing their peaks.
July’s BoE consumer credit data is scheduled for release this morning. While the amount borrowed is forecast to have dropped, the elevated levels could put pressure on GBP.
Euro (EUR) Mixed amid Declining German Consumer Confidence
Sentiment towards the Euro (EUR) was undermined yesterday following a surprise fall in German consumer confidence.
This downbeat data prevented the single currency from gaining ground amid a weakening US Dollar, leading to mixed trade.
This afternoon, the latest German inflation data is set for publication. Economists forecast a cooldown in August, which may weaken EUR.
Canadian Dollar (CAD) Wavers amid Oil Price Volatility
Erratic oil prices kept the commodity-linked Canadian Dollar (CAD) in flux against its peers yesterday.
The ‘Loonie’ is likely to trade in tandem with oil price dynamics today, due to a light data calendar.
Australian Dollar (AUD) Slides on Sharp CPI Cooldown
Following a sharp cooldown in Australia’s monthly consumer price index, the Australian Dollar (AUD) sank overnight.
New Zealand Dollar (NZD) Slips as RBNZ Implies Rate Cuts
The New Zealand Dollar (NZD) dropped in overnight trade, as the Reserve Bank of New Zealand (RBNZ) began to discuss rate cuts.