Ella 
During the European session on Thursday, the EURUSD maintained its rebound near the integer level resistance of 1.1100. The U.S. JOLTS job openings data for July released on Wednesday was weaker than expected, boosting market expectations that the Federal Reserve (Fed) will actively start a long-awaited policy easing cycle. The currency pair rebounded sharply after the data.
Market speculation that the Federal Reserve will cut interest rates sharply this month has increased sharply, dealing a heavy blow to the US dollar (USD). The U.S. Dollar Index (DXY), which tracks the greenback’s value against six major currencies, extended its decline to around 101.20.
JOLTS job openings data showed 7.67 million job openings were announced in July, down from a downwardly revised 7.91 million in June and below expectations of 8.1 million. Weak job market data is a red light for the labor market.
Investors will await Friday’s U.S. non-farm payrolls (NFP) data for August for an update on current labor market conditions.
Today, the US dollar will be affected by August ADP employment changes and ISM services purchasing managers index (PMI) data, which will be released at 20:15 and 22:00 Beijing time respectively. Economists expect private sector job creation to rise by 145,000 from 122,000 in July. During the same period, the expansion rate of service industry activities is expected to slow down, with the ISM services PMI expected to be 51.1, compared with the previous value of 51.4. Upbeat private sector wages and services PMI data will reduce market speculation on a sharp rate cut by the Fed, while weak data will enhance market speculation on a rate cut by the Fed.
