The dollar index (DXY00) Tuesday rose by +0.53%. The dollar on Tuesday recovered from a 6-week low and moved higher after weaker-than-expected Eurozone inflation news knocked the euro lower. Also, weakness in the yuan supported gains in the dollar after a gauge of Chinese manufacturing activity contracted in May be the most in more than 2-1/2 years. The dollar added to its gains Tuesday after US Apr JOLTS job openings unexpectedly increased and after Atlanta Fed President Bostic said he’s in no rush to cut interest rates. Gains in the dollar were limited after the OECD cut its global 2025 GDP forecast and after US Apr factory orders fell more than expected by the most in 15 months, dovish factors for Fed policy.
US Apr JOLTS job openings unexpectedly rose +191,000 to 7.391 million, showing a stronger labor market than expectations of a decline to 7.100 million.
