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The dollar index (DXY00) has decreased by 0.35% due to a rebound in equity markets and increased expectations for a Federal Reserve rate cut. The US July JOLTS job openings fell by 176,000 to 7.181 million, significantly below the anticipated 7.380 million, marking a 10-month low.
Factory orders in the US also saw a decline of 1.3% month-over-month in July, consistent with expectations, representing the second consecutive month of downturn. Federal funds futures pricing indicates a 95% probability for a 25 basis point rate cut at the Fed’s September 16-17 meeting, with a 53% chance for another cut in late October.
In international markets, the Eurozone’s July PPI decreased by 0.2% year-over-year, contrasting with a revision of the August S&P composite PMI downward to 51.0. The Japanese yen has recovered slightly against the dollar following the weak US labor market data, while precious metals are benefitting from a weaker dollar and geopolitical tensions.
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