Daily digest market movers: US Dollar firms up following upbeat labor and consumer confidence data.
- US consumer sentiment improved slightly in July with the Conference Board's Consumer Confidence Index rising to 100.3 from a downwardly revised 97.8 in June.
- Present Situation Index had a slight decline to 133.6 from 135.5, as the Expectations Index climbed to 78.2 from 72.8.
- US Bureau of Labor Statistics (BLS) reported in its Job Openings and Labor Turnover Survey (JOLTS) on Tuesday that on the last business day of June there were 8.184 million job openings.
- That figure exceeded the market expectation of 8.03 million and follows the 8.23 million openings (revised from 8.14 million) reported in May.
- Week’s highlight will be the Federal Open Market Committee (FOMC) meeting, which ends on Wednesday with a widely expected hold for interest rates.
- US economy’s strong performance negates the immediate need for Fed to lower interest rates, but investors expected the Fed to keep possibilities open for a rate cut at the September FOMC meeting.
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