US job openings lower than expected in August, as wholesale trade sales flat on the month

Published date: 09/10/2019

Today's US data is very mush second-tier in nature, so we were not expecting a reaction of any kind, especially with the FOMC minutes due later on this evening and traders likely keeping their powder dry should we get any surprises later on this evening. 

For now, the JOLTS job openings came in at 7.05mln vs expectations closer to 7.2mln, so this is not a major issue at this stage given the low slack seen in the labour market.  
We also got wholesale inventories coming in at 0.2% vs 0.4% expected, but with wholesale trade sales flat on the month, this number is of little relevance at present.  

Even so, the USD has been in a range all week, and as per the recent price action, is refusing to give up further ground, with the lead EUR/USD rate having tested 1.1000 4-5 times in the last few trading sessions, and failing on each attempt.  Even so, the downside seems cushioned, which in this market means we will trade sideways in a painfully tight range until there is some material news or data to feed off. 

We are also seeing USD/JPY maintaining its attempt to push above 107.50, and despite the resistance noted here earlier in the week, buyers are not giving up on an eventual break higher, despite the losses seen in the equity markets yesterday.  Today, stocks have stabilised, so there is added encouragement to maintain the bid, though there does seem to be some detachment from performance in the US indices at present.  

NB, Fed Chair Powell is due to speak again at 16.00 London time (BST).


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