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Dollar seen set to lose steam as JOLTS openings expected to fall
TD Securities expects June JOLTS job openings to drop to 7.0 million from 7.594 million in May, below both consensus and the recent uptick.
TD Securities strategists expect the US JOLTS report to point to cooling hiring demand, forecasting June job openings to decline to 7.0 million from 7.594 million in May. They also see the figure coming in below the 7.504 million consensus forecast and argue that the prior increase is unlikely to last.
FXStreet highlights that the projected pullback would bring JOLTS more in line with softer private sector hiring indicators, such as Indeed. The strategists also note that the recent rise in openings was driven by increases in production, employment, and supplier deliveries, with inventories the only component to fall.
In the same outlook, FXStreet points to recent strength in other labour-linked data, citing July’s stronger-than-expected ISM Manufacturing reading, which rose to 55.6 from 53.3 and marked its highest level since mid-2022. FXStreet also reports that concerns around geopolitical tensions, higher energy costs, and changing tariff policy are among factors respondents have cited.
FXStreet’s market wrap adds that it expects investors to stay cautious ahead of key US labour indicators, with the British pound trading about 0.1% lower versus the US dollar around 1.3420, while the euro holds only marginal gains.