US Dollar Rises as May Job Openings Hit 7.594M, Highest in 24 Months; Fed Chair Warsh Set for Debut Speech

On June 30, the US dollar rose 0.1% to 101.20 as strong US labor market data boosted expectations for potential Fed rate hikes. The dollar index, which tracks the greenback against six major currencies, posted its fourth consecutive quarterly gain, up roughly 1.2% in the second quarter.

The May Job Openings and Labor Turnover Survey (JOLTS) revealed job openings jumped to 7.594 million, exceeding the 7.296 million forecast and marking the highest level since May 2024. The Conference Board reported US consumer confidence rose to 91.2 in June, above May's revised reading of 90.6, as falling oil prices eased inflation concerns. Markets will closely watch Fed Chair Kevin Warsh's debut public speech at the European Central Bank's annual forum in Sintra, Portugal, to gauge whether recent economic strength will prompt a hawkish Fed stance.