By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: US Dollar weakens after Jerome Powell’s disinflation comments and positive JOLTs data
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports
Double victory at Red Dot: Eczacıbaşı Tiles Group’s VitrA and Villeroy & Boch brands recognised for their design excellence
Lifestyle
Your Next Destination in Dubai: Mövenpick Hotel Apartments Downtown Dubai – The Perfect Choice for Your Stay
Gulf UAE
Nexus Developer Announces the Launch of ‘Estrella’ to Set New Standards in Boutique Luxury Living in Majan, Dubai
Gulf UAE
Moscow City Tourism Committee Brings ‘Moscow Tea Time’ to Dubai with 15 Cultural Venues
Gulf UAE
Wassim Elassaad Inspires Innovation at Gratuso and Waz & Co-Management Consultancy
Gulf UAE
RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > US Dollar weakens after Jerome Powell’s disinflation comments and positive JOLTs data
Forex

US Dollar weakens after Jerome Powell’s disinflation comments and positive JOLTs data

News Room
Last updated: 2024/07/02 at 5:30 PM
News Room
Share
4 Min Read
SHARE

The US Dollar experienced minor losses as the DXY Index showed a decrease in gains, hovering near 105.70. This decline was influenced by rising Job Openings and Labor Turnover Survey (JOLTS) figures released by the US Bureau of Labor Statistics, as well as comments made by Federal Reserve Chairman Jerome Powell regarding the inflation outlook. Despite signs of disinflation in the US economy and market expectations of a potential interest rate cut in September, Powell did not provide clear indicators of immediate rate cuts, preferring to stick with a data-oriented approach.

The JOLTS data from June revealed job openings totaling 8.14 million on the last business day of May, exceeding market forecasts of 7.9 million. Powell highlighted that wage increases are returning to more sustainable levels, suggesting a cooling labor market. He also mentioned that inflation may not reach 2% until late next year or the following year, hinting at a slower-than-expected inflation rate. The focus shifts to the upcoming Nonfarm Payrolls (NFP) report on Friday, with expectations of 190K job additions versus May’s 272K, as well as close attention to wage inflation and the Unemployment Rate.

Technically, the DXY Index struggles with bullish momentum despite remaining above key moving averages. The Relative Strength Index (RSI) above 50 and Moving Average Convergence Divergence (MACD) signals increasing bullish sentiment, with targets at 106.50 and 106.00 zones. Investors should be prepared for potential pullbacks towards 105.50 and 105.00 zones if bearish pressure intensifies.

Understanding Nonfarm Payrolls (NFP) is crucial for interpreting market movements. NFP measures the change in the number of people employed in the US, excluding farming industry, and influences Federal Reserve decisions by providing insights into employment levels and inflation. High NFP figures indicate a robust economy and may lead to higher interest rates, strengthening the US Dollar. Conversely, low NFP results could indicate economic challenges, prompting the Fed to lower interest rates to stimulate growth.

NFP figures have a significant impact on the US Dollar, often leading to rally or decline depending on whether results exceed or fall short of expectations. A strong NFP result can boost the USD by reinforcing expectations of tighter monetary policy by the Fed. Conversely, lower-than-expected NFP figures can weaken the Dollar. Additionally, NFP results can influence the price of Gold, as a strong USD may decrease demand for Gold as an investment. Factors like Average Weekly Earnings, Participation Rate, and Average Weekly Hours can also shape market reactions alongside NFP data.

In conclusion, the US Dollar faces fluctuations as economic indicators and Federal Reserve comments drive market sentiment. Key factors like JOLTS data, Powell’s remarks on inflation, and the upcoming NFP report heavily impact the Dollar’s performance. Understanding the relationship between NFP, the US Dollar, and Gold prices is essential for investors and traders seeking to navigate the complexities of the currency markets. Stay informed and alert to changing economic conditions to make informed decisions and take advantage of potential opportunities in the foreign exchange market.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room July 2, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Polish President accepts Qatar Ambassador’s credentials
Next Article Prince Khalid bin Salman and Erdogan meet to discuss strengthening bilateral relations
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Barcelona Aims to Recover from European Heartbreak as They Face Real Madrid in La Liga, Chasing Their Third Title of the Season
Sports May 8, 2025
UAE with 47% and Qatar with 36% Surge in Viewing Minutes as TOD Unveils its Enhanced Streaming Experience TOD 2.0
Lifestyle May 5, 2025
L’Oréal Paris Celebrates the Groundbreaking Launch of MELASYL at the Iconic Museum of the Future
Lifestyle May 5, 2025
TOD Partners with Skyworth’s QVWi to Launch 4K Streaming Set-Top Box in MENA
Gulf Sports May 1, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?