U.S. job openings hit a two-year high in May as markets price in another Fed hike by year-end
AI Market Summary
U.S. job openings at a two-year high and rising Treasury yields have revived expectations for at least one additional Fed hike, putting renewed upward pressure on the dollar and tightening financial conditions. Markets are now highly sensitive to Fed Chair Warsh's messaging and Thursday's nonfarm payrolls for confirmation. A stronger USD and higher real rates are weighing on non-yielding assets (gold) and risk assets, while crude remains pressured despite reduced Middle East risk premiums.
Impact level
● High
Affected assets
NCSIDXY2USD/USDT+0.18%
AI Insight · NCSIDXY2USD/USDTAI Insight
▼ Bearish
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U.S. job openings rose to a two-year high in May, a sign the labor market remains strong and giving investors more reason to expect the Federal Reserve to keep rates high or raise them again. Markets are now focused on Thursday’s June nonfarm payrolls report for clues on the policy path. The dollar index was 101.393 and the U.S. 10-year yield rose to 4.46%, while gold slipped below $4,000 to 3,979 and Brent and WTI traded at $71.91 and $68.59, respectively, pressured by a strong dollar and high rates.
