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USD: dollar makes gains against the euro as job openings remain positive

By Ricky Bean May 10th, 2017

The US dollar made gains against its biggest counterpart, the euro, as the employment sector continues to look healthy. Following on from last week’s positive nonfarm payrolls, where the jobs increased and the unemployment rate fell, we saw another metric on the sector. This came on the form of the JOLTS data which focuses on job openings. This showed job openings in March rose modestly whilst layoffs and discharges remain low. The headline figure beat predictions and, as yet another healthy reading for the US economy, increases expectations that there could be an interest rate hike in June.

Meanwhile, Kansas City Federal Reserve (Fed) president Esther George stated that the Fed should start reducing the investments it has been making via Quantitative Easing and reiterated that she supports a gradual increase in interest rates.

Today is set to be another fairly quiet day, with the main release being Crude Oil Inventories, but this is unlikely to have a significant impact on the rates. Alongside this we also have import price data and mortgage delinquencies information due to be released.

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