US greenback pulled in each instructions by JOLTS and client confidence.

Within the hierarchy of financial indicators, JOLTS and client confidence are about even. Usually, I’d rank client confidence increased because it’s extra of a ahead trying indicator.

Nonetheless, extra lately Fed officers have incessantly cited falling job openings within the JOLTS report as a purpose to chop charges and that indicator is now again to 2019 ranges, which ought to maintain charges on a downward path.

On the flipside, client confidence had its finest one-month enchancment since Might 2021. That is an excellent signal for spending but it surely would possibly solely signify political emotions forward of the election and falling gasoline costs, so the market could also be reluctant to embrace it. The indicator additionally stays inside its slender two-year vary.

So after some preliminary back-and-forth within the FX market, we’re seeing some downward strain on the US greenback.

This text was written by Adam Button at www.ubaidahsan.com.



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