Dollar Pulls Back on Weaker-Than-Expected Job Market Data

The US dollar pulled back on Thursday as traders reacted to weaker-than-expected job market data. The JOLTs Job Openings report showed a decline from 7.537 million (revised from 7.594 million) to 7.359 million, missing analyst forecasts of 7.4 million.

The US Dollar Index is currently losing ground and could drop further if it falls below the 99.85 level, which would put it in the range of 99.25-99.40. On the upside, a move above 100.00 would push the index towards resistance at 100.50-100.65.

In other currency pairs, the EUR/USD tested the 1.1525 level and could continue to rise if it settles above this resistance. The GBP/USD also moved higher due to falling Treasury yields, which pushed the yield of 2-year Treasuries below 4.20% and the yield of 10-year Treasuries below 4.63%. The USD/CAD rebounded despite a better-than-expected Manufacturing PMI report from Canada.