Trading insight: JOLTs on deck, will the USD dominate the day?
US dollar index +2.8% last 30 days
Today’s main event
- US April Job Openings (JOLTs) due, the report is a survey that measures the demand from employers for job positions that need to be filled
- It's a key indicator that traders can use to get a better understanding of the strength or weakness of the US jobs market
- Higher Job openings are seen as a reflection of a strong economy
- Lower Job openings are seen as a reflection of a slowing economy
US Job openings have been declining during the last 3 months.
May 31 2023 6:59 UTC
Today’s economic calendar
US Job openings (JOLTs) are forecasted to show a decline of 215,000. A lower number could imply cooling labor demand.
Source: TradingView / J. Knobel May 31 2023 6:37 UTC
EUR/USD downside risk remains
EUR/USD chart 1. As of May 31 2023 7:11 UTC
- EUR/USD current price 1.06811 and is in a downtrend since the May 4th highs, the lower lows sequence (see chart 1) technically can support this observation. The lower extension seen on May 10th, 11th 18th, and 31st also seems to support the bearish conditions. Short sellers could be aiming for price to test the 1.0650, 1.0630, and lower 1.0610s. Upside risk seen above the 1.0880 resistance.
USD/JPY upside prospects remain, however, resistance at 140.5 needs to be cleared to keep alive further upside prospects
USD / JPY chart 2. As of May 31 2023 7:26 UTC
- USD/JPY current price 139.592 and is in an upward trend. Price has tested the 140.50s 2x and there is scope for price to test the 140.50s once again, which if price is able to clear above the 140.50s, could open a path for the upper 142.20s to be challenged. Downside risk seen below the 139 (round number) see chart 2.
Not investment advice. Past performance does not guarantee or predict future performance.
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