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The number of job openings in the United States was expected to decrease by 63,000 but increased by 372,000. However, it's difficult to draw any conclusions from this data because the reasons behind it remain unclear. It could indicate either the creation of new jobs or a surge in voluntary resignations by employees. Unsurprisingly, the market showed no reaction and continued consolidating around previously established levels.
Today promises to be a busy day. First, focus on the Eurozone Producer Price Index (PPI), expected to decline from -3.4% to -3.5%. This suggests that the inflation growth indicated in preliminary estimates is temporary and will likely resume its downward trend soon. Consequently, the euro may come under pressure.
Later, during the U.S. trading session, the direction of movement could shift, with quotes potentially rebounding to current levels. This would be influenced by U.S. employment data, which is forecasted to grow by 180,000. Considering the size of the population and its growth rate, this is insufficient to maintain labor market stability. In other words, there is a risk of rising unemployment, which could put pressure on the dollar.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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