| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 01:30 | Australia | RBA Meeting's Minutes | | | | |
During today's Asian trading, the US dollar consolidated against major currencies, remaining near its highest level since early May, while investors are preparing for a speech by Fed Chairman Powell and the publication of data on the US labor market. Meanwhile, liquidity remains thin ahead of the US holiday on Thursday and key jobs data on Friday.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.02% to 105.92. Attention is now focused on Powell's remarks at the Sintra conference at 13:30 GMT. Meanwhile, the JOLTS job openings report (to be released at 14:00 GMT) could provide an insight into the health of the US employment market ahead of Friday's official nonfarm payrolls data, and Wednesday's precursor ADP jobs report. Economists expect job openings to fall to 7.85 million in May from 8.059 million in April. An important event this week will also be the publication of the minutes of the Fed's June meeting, which may clarify the prospects for monetary policy. According to the CME FedWatch Tool, markets see a 8.8% probability of a 25 basis point rate cut at the Fed meeting in July, a 65.3% probability of a rate cut in September, and a 77.2% probability of monetary policy easing in November.
The yen fell 0.2% against the US dollar, again updating the 38-year low. The significant difference in interest rates between the United States and Japan continues to put pressure on the yen. Meanwhile, the Japanese finance minister said that the authorities are closely monitoring the sharp movements of the foreign exchange market, but stopped short of giving a clear intervention warning. Experts said that all attention is now focused on Friday's report on the US labor market, and Japanese currency officials desperately hope that it will show signs of a sharp cooling of the labor market, which will help ease pressure on themselves and on the yen.
The Australian dollar fell 0.25% against the US dollar amid the minutes of the RBA's June meeting, which showed much discussion about whether policy was tight enough to ensure inflation would slow as desired.