America's open vacancies data presented an unexpected surprise – it rose from 9,483 thousand to 10,073 thousand instead of declining to 9,000 thousand. Moreover, the previous data was revised upwards. In general, it is not surprising that the content of the report of the United States Department of Labor exceeded all the wildest expectations, and the unemployment rate showed an unprecedented decline. If there are so many open vacancies in the labor market, then employment simply has to grow. Therefore, the dollar's local correction had to be slightly postponed, and instead, we observed a further decline in the euro with the pound. However, this process was somewhat more modest for the pound. Strange enough, this only increased the overbought US dollar, and the need for a local correction increased.
The only problem is that today's macroeconomic calendar is completely empty, so there is formally no reason for a correction. In this case, it is likely that the market will go into a prolonged sideways movement. However, US inflation data will be published tomorrow, and investors should prepare for such a significant event. In other words, we may see a gradual weakening of the positions of the US currency in the morning.
The number of applications for unemployment benefits (United States):
The EUR/USD pair managed to prolong the downward cycle during the sharp movement, where this year's base stands in the way of sellers. In this situation, it can be assumed that market participants will switch to reducing the volume of short positions soon which will eventually lead to stagnation-pullback.
Unlike its European counterpart, the GBP/USD pair adheres to a moderate downward course, where price changes are not so significant. It can be assumed that there is plenty of margin for a decline, but market participants are expected to continue the variable turbulence.