Jobs Data in Focus as Markets Eye Fed Rate Cut Bets
• Job openings data will be scrutinized for insights into labor market dynamics impacting wages and inflation. Openings remain well above pre-pandemic levels despite recent cooling.
• Markets expect a slight rebound in openings to 8.85 million in November, after hitting an 19-month low in October. Continued loosening could raise expectations of a March rate cut.
• USD struggling after December Fed meeting signaling rate cuts in 2024. Markets pricing in 85% chance of 25bps cut in March.
• Levels to watch in EUR/USD Support at 1.0950 and 1.0850. Resistance at 1.1000, 1.1100, and 1.1140.
• JOLTS report released Wednesday 1500 GMT. Better-than-expected data could scale back dovish bets and aid USD, while disappointment could spur losses.