Dollar Bid on Good Job Openings Number
A strong number in the US JOLTS job opening series helped kick the market into action last night as the dollar appreciated against most of the majors with 6.16 m far outstripping the expected 5.74m. The odd pair out in this move is most definitely the UsdJpy which has come off sharply as once again tensions between North Korea and the US increase with news that Pyongyang is considering a plan to launch ICBM’s at Guam – a US Pacific territory. Safe haven Yen buying has taken the UsdJpy back to just above 110.00.
Across the other currencies, we’d seen the expected summer range bound markets before the US data came out and traders will be expecting more of the same today, although many will look to trade towards the dollar bullish side after the NFP’s and last nights Jolts results. They will also be paying very close attention to the news wires for anything more on that US/ROK situation with any further deterioration leading to more down side for the UsdJpy and Jpy crosses.
We do have some interesting data due out today although most tier 2 stuff, with the Asian market focusing on the Chinese CPI and PPI data due out around 11.30 am along side Home Loans data in Australia. It’s quiet through the London session, but we have Canadian Building Permits and US Crude Oil Inventories out in the NY session, before the RBNZ rate decision early tomorrow morning.
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