US Dollar Weakens on Expected Decline in Job Openings

TD Securities strategists expect the US dollar to weaken as they forecast a decline in June's JOLTS job openings to 7.0 million, below the consensus forecast of 7.504 million and May's 7.594 million. This would mark a reversal from the recent surge in openings, which is seen as unsustainable.

The strategists attribute the expected decline to softer private-sector hiring indicators, specifically the Indeed trend, which shows a more subdued hiring environment.

In related news, July's ISM Manufacturing reading exceeded expectations, rising to 55.6 from 53.3 in June and reaching its highest level since mid-2022. The increase was driven by large gains in production, employment, and supplier deliveries, while inventories declined.