EURUSD clings to a rebound near 1.1100 as dismal US Job Openings data puts the US Dollar under pressure.

In Thursday’s European session, EURUSD maintains its rebound from Wednesday, barely below round-level resistance of 1.1100. The major currency pair rebounded quickly on Wednesday after the announcement of weaker-than-expected United States (US) JOLTS Job Openings data for July raised market expectations that the Federal Reserve (Fed) will aggressively begin the long-awaited policy easing cycle.
A dramatic surge in market anticipation for the Fed’s significant interest This month’s rate drop weighed severely on the US dollar. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, falls to around 101.20.
According to JOLTS Job Openings statistics, job vacancies posted in July were 7.67 million, down from a downwardly revised 7.91 million in June and lower than the estimated 8.1 million. Weak employment market data raised red lights in the labor market.

US NFP report, due out on Friday, will be a primary driver of the US dollar.

Investors will be looking for major update on current labor market circumstances in the August US Nonfarm Payrolls (NFP) data. Which will be release on Friday.

Moreover Today, the US Dollar will be influence by the ADP Employment Change and ISM Services Purchasing Managers Index (PMI) data for August. Which will be publish at 12:15 and 14:00 GMT, respectively. Economists expect that payrolls in the private sector increased by 145K from 122K in July. During the same time period, activity in the service sector expected to have risen at a slower rate, with PMI falling to 51.1 from 51.4. Upbeat private payrolls and Services PMI data would lower market speculation for Fed significant interest rate cuts, but soft data would boost them.

Daily Marlet Movers:EURUSD trades in a tight range below 1.1100, as investors focus on US economic data.

In the Eurozone, investors wait for the Retail Sales report for July. Which will Influence the next movement in the Euro (EUR), which will be publish at 09:00 GMT. The Euro will be mostly influence by market speculation over the European Central Bank’s (ECB) September monetary policy. In which the central bank is likely to lower its main borrowing rates.
Furthermore Economists expect that Retail Sales increased by 0.1% after dropping by 0.3% in June on a monthly and yearly basis. A minor increase in retail sales would not be enough to quell market speculation. That the ECB will begin its policy-easing cycle this month, which began in June and was paused in July.

ECB is almost certain to reduce interest rates this month.

The ECB is largely expected to decrease interest rates this month, as officials have remained concerned about dismal economic forecasts, with optimism that inflationary pressures continue to decline steadily. ECB Governing Council member François Villeroy de Galhau stated in an interview with Bloomberg last week that “there are good reasons for the central bank to consider cutting its key interest rates in September.” Villeroy went on to say, “Unfortunately, our growth remains too weak.” He went on to say, “The balance of risks in Europe needs to be monitored.”
Meanwhile, Eurozone growth concerns have grown as the final estimate HCOB PMI survey revealed that total economic activity expanded at a slower rate of 51.0 compared to the flash reading of 51.2. The Composite PMI rose modestly due to weaker growth in the service sector and ongoing contraction in the manufacturing sector.