The last minutes of the Federal Open Market Committee confirmed that the FED plans to further tighten monetary policy until lower inflation become evident in the economy. The FED has been battling rising inflation in the last couple of months due to rising prices of commodities sequel to the easing of policy that followed the damaging impact of the novel virus (COVID-19).
The Fed's primary priority remains to have inflation under control while still maintaining close to full employment. The data on Job openings to be released earlier than the non-farm employment change data will provide insight into the job openings in April and would provide a hint at the current state of the job market in the US.
For this week's data, average hourly earnings are projected to come out as 0.4%, a slight improvement on the official figures for last month. Non-Farm employment change popularly called the NFP has the lowest projection in over 4 months, a sign that the hawkish stance of the FED is already having some impact on the job market and may reduce the pace of the hike if the FED are satisfied with the inflation situation in the country.
The US Index in recent times has witnessed some bearish pressure as Central Banks around the world continue to mop up liquidity from the economy leading to investors divesting from riskier assets.
The Greenback has enjoyed a relatively smooth mood as the hawkish stance of the Fed has encouraged the holding of the dollar (a riskless investment).
Index - US30, US100, US500 AND US2000
CURRENCIES - EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, USDJPY
COMMODITIES - GOLDs, Silver
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