US dollar jumps after strong job openings data

<p>US December job openings in the JOLTS report climbed to 9.026 million compared to 8.750 million expected. The counter-trend turn may give FOMC officials pause at the two-day meeting that just got underway.</p><p>The market is expecting something of a dovish shift from Fed officials but given the strong data in January, there is case to be made that they can stay hawkish longer without risking an unnecessary slowdown.</p><p>The data led to an immediate bid in the US dollar, with USD/JPY erasing all its losses on the day in a 70-pip rally.</p><p>Normally, I wouldn't expect such a big reaction to a modest JOLTS beat in non-farm payrolls week but it comes right before the FOMC meeting and that has the market extra-sensitive.</p><p>Beyond USD/JPY, the moves have been in the 20-30 pip range. Meanwhile, gold had its $16 gain completely erased.</p>

This article was written by Adam Button at

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