More good news for the US job market: JOLTS job openings rose to 4.635 million in May, significantly more than predicted. JOLTS job openings were expected to advance from 4.46 million to 4.53 million in May. Despite being a lagging figure, it has a strong impact thanks to the Fed attention to it.
The US dollar was on the back foot towards the release, with EUR/USD climbing back above 1.36, GBP/USD recovering from the early blow and USD/JPY falling to 101.50.
NZD/USD is below 0.88 but still at the highest levels since 2011. The kiwi jumped earlier to fresh highs after its credit outlook was upgraded to “positive†by Fitch.
The US dollar has renewed its falls after a few strong days following the excellent Non-Farm Payrolls report for June.
The Job Openings and Labor Turnover Survey was highlighted by former Fed Chair Ben Bernanke as a wider measure of unemployment. Also current Fed Chair Janet Yellen noted its importance.Â
Yet more jobs doesn’t mean much more spending, as the jobs pay lower salaries.
