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U.S. job openings rise in October
Signs of a soft landing in the U.S. economy continue to emerge as job openings increased in October.
Next week's ECB meeting is gaining significance, with the euro recovering slightly above $1.05 but the long-term outlook remains dim.
Bitcoin and Ethereum dropped over 1.5%, while Ripple surged 478% since elections, reaching $2.85.
Euro forecasted to stay around $1.05 in 3 months, but decline to $1.04 in 6 months, lower than November's forecast.
Currencies
Signs of a soft landing in the U.S. economy continue to emerge. Job openings increased in October, coupled with a decline in terminations, indicating stabilizing labor demand. This follows months of notable decreases, including a sharp drop in September. Dismissals reached their lowest level since June, while the number of workers quitting rose to its highest level since May, reflecting growing confidence in job opportunities
The USD ended the day flat after initially weakening despite stronger-than-expected JOLTS data. The decline was driven by comments from Federal Reserve officials suggesting the possibility of further rate cuts.
Additionally Next week’s European Central Bank (ECB) meeting carries more weight than it might appear. The euro experienced a modest recovery, climbing back above 1.0500 as tensions eased following recent political challenges in France. However, gains were limited by lingering uncertainty over a no-confidence vote against French Prime Minister Barnier, scheduled for later today.
Median forecasts from nearly 70 currency strategists in a Reuters poll conducted from December 2-3 suggest the euro, currently trading around $1.05, is expected to remain near that level in three months. However, the outlook is weaker over the next six months, with the euro forecasted to decline to around $1.04, a significant drop compared to the $1.10 and $1.11 levels projected in a November survey.
Cryptocurrencies
Bitcoin and Ethereum fell by over 1.5% yesterday, while Ripple surged to $2.85. Ripple has climbed more than 478% since the elections, firmly establishing itself as the third-largest cryptocurrency.
