The US Dollar (USD) trades subduedly in the European trading session on Tuesday ahead of the United States (US) JOLTS Job Openings data for April, which will be published at 14:00 GMT.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, is down 0.1% to near 99.07
The US JOLTS Job Openings data is expected to show that employers posted 6.82 million fresh jobs, marginally lower than 6.866 million in March. The impact of the job data is expected to be limited on market expectations toward the Federal Reserve’s (Fed) monetary policy outlook, unless it deviates significantly, as the latest remarks from various Federal Open Market Committee (FOMC) have signaled that they are more concerned about high inflation than weak job market conditions. This week, the major trigger for the US Dollar will be the US Nonfarm Payrolls (NFP) data for May, which will be released on Friday.
On the geopolitical front, paused US-Iran negotiations have raised concerns over the finalization of the peace deal in the near term. Iran’s Tasnim News agency reported on Monday that members of the negotiating team of Tehran have stopped message exchanges with the US through mediators in protest against attacks on Lebanon. US Dollar Index technical analysis The Dollar Index Spot trades marginally lower at around 99.07 at press time.