Forex analytics and overview
US Dollar Slips on Weak Jobs Data, While Stocks Hold Steady Amid Recession Fears
2024.09.05 05:49
The (DXY) is turning to the downside after weak US job openings figures were released yesterday. Powell had hinted that stable employment is their primary focus, so speculators believe weak jobs data could push the Fed to reconsider rate hikes, possibly by 50 basis points this month.
This caused to decline yesterday, while the remains sideways. We’re not seeing a strong move higher in stocks because if the economy shows signs of a downturn or potential recession—indicated by worsening jobs data in the coming months—it will be challenging for stocks to rally. However, I still think stocks will hold support while the USD could head even lower, with the DXY possibly dropping toward 100.50.
