US Dollar Surges on Strong Manufacturing Data and Job Openings

The US dollar's performance is gaining momentum on solid manufacturing data and rising job openings. The ISM manufacturing index surged to 55.6 in July, exceeding expectations of 54.0 and improving from June's reading of 53.3.

New orders, employment, and production all saw significant gains, while prices moderated slightly. The production index rose sharply to 58.5, its strongest level since November 2021. This indicates a further need for increased output.

The US cyclical data remains strong, according to Danske Research Team. Job openings have been shifting higher this year, which historically signals rising wage pressures ahead. The June JOLTs report is expected to provide more insights into the labor market.