The Job Openings and Labor Turnover Summary has advanced from 3.8 (revised up from 3.76) to 3.83 million in the month of May. Despite being a late indicator, the Fed closely watches it.
With tapering of bond buys depending on job data, every available figure is being watched, and the weekly jobless claims release becomes more important.
3.83 is still below the highs. February saw JOLTS reach 3.90, and March saw 3.88. The magic number is 4 million. Apart from these highs in 2013, the last time we had a number of over 4 million was back in December 2007.
EUR/USD and GBP/USD are somewhat lower after this release of data, but the movements seem slow. USD/JPY is stable.
Update: it took some long minutes but the falls eventually came:
- EUR/USD lost the 1.28 line – The move was aided by dovish comments from Asmussen.
- GBP/USD at fresh multi year lows – a good UK indicator didn’t help.
Will we see a significant continuation of these moves? Is the dollar’s strength here to stay for a long long time?
Further reading: EUR/USD: Break of 1.2800 Puts 1.2500 In Play – Elliott Wave Analysis
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