The US dollar moved steadily in trading on Tuesday, but its performance was slightly lower compared to the strengthening that was displayed at the beginning of the week, last Monday.
The JOLTS employment data was observed in the New York session yesterday as one of the important components in assessing the health of the labor sector in the United States (US).
Measuring the number of job openings in October, the figure of 7.74 million was well above the forecast of 7.51 million, up from the 7.37 million in the previous month which was revised slightly downward.
This provides a positive indication ahead of the US NFP employment data report which will be published later this week.
However, before that, the market will focus first on the ADP data report in the New York session tonight for an increase in US private employment.
Also following will be the ISM survey data for the services sector after the same survey for the manufacturing sector was published last Monday with a good reading.
Global economic developments, after analysts assessed that political unrest in the European zone will slowly subside after this, a crisis erupted in South Korea with the report that President Yoon Suk Yeol declared martial law yesterday, causing a severe drop in the value of the won currency.
Developments continue to be monitored today to see whether the crisis is getting worse and can have a lasting effect or otherwise.
The Australian dollar was seen displaying a pattern of decline in the early Asian session this morning (Wednesday) following economic growth data for the third quarter recording a lower figure of 0.3% compared to the forecast of 0.5%. However, the figure increased slightly from the previous reading of 0.2%.
Other major currencies only moved slowly, driven by the situation of the US dollar movement, which will continue to be influenced by employment data throughout this week.
