July US job openings fell to the lowest since April 2021 in a sign that the labor market is weakening.
Fed Chairman Jerome Powell highlighted that the FOMC doesn’t want to see further weakening in the jobs market but this number paints a picture of an economy where labor is in less demand. That tilted the odds towards a 50 basis point rate cut in September, with pricing now showing a 47% chance of 50 bps and 53% chance of 25 bps. Those numbers will swing further based on Friday’s non-farm payrolls.
The US dollar fell across the board after the data, with USD/JPY sinking to 144.04 from 144.80 before bouncing about 25 pips.
Elsewhere the dollar fell 15-25 pips.
This article was written by Adam Button at www.forexlive.com.
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