Daily digest market movers: DXY loses ground despite strong labor data
- The Bureau of Labor Statistics (BLS) in the US published the Job Openings and Labor Turnover Survey (JOLTS) for February, which showed 8.75M job openings.
- This figure surpassed January's adjusted count of 8.74M and overtook the market expectation of 8.74M.
- As for now, the market foresees a 63% probability of the first 25 bps rate cut in June, which is still contingent on incoming data.
- US Treasury bond yields are mixed on Tuesday with the 2-year yield at 4.70%, indicating slight downward movement. In contrast, 5 and 10-year yields at 4.34% and 4.36%, respectively, show minor increases.
- Nonfarm Payrolls, Average Hourly Earnings, and Unemployment Rate data will dictate the pace of expectations and the US Dollar for the short term.
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