US dollar dips after surprise fall in US job openings

<p>US job openings fell to the lowest since March 2021 as the post-pandemic hiring boom fades. That decline will make the Fed more comfortable in ending the rate-hiking cycle and switching to rate cuts in 2024.</p><p>Job openings in the JOLTS report fell to 8.733 million from 9.553 milion, far short of the 9.3 million consensus. The reaction in the FX market was swift, with the US dollar dipping. Since the report though, it's bounced in part due to a slightly better ISM services index released at the same time.</p><p>Expect some pressure to continue on the US dollar with Treasury yields down 5-10 bps across the curve, with long-end yields falling the most. However equities could offer support on some crosses with the Nasdaq rebounding into positive territory.</p>

This article was written by Adam Button at www.forexlive.com.