USD Surges as US JOLTS Job Openings Beat at 7.618M, Highest Since May 2024

The US dollar strengthened broadly after April JOLTS job openings surged to 7.618 million, significantly exceeding the 6.88 million consensus estimate and marking the highest reading since May 2024. The vacancy rate climbed to 4.6% from 4.2% prior, signaling a tighter labor market than anticipated. However, the data presented a mixed picture beneath the headline: hires fell to 5.116 million from a revised 5.535 million, while quits rose sharply to 3.053 million from 2.773 million, suggesting worker confidence in finding new employment. Layoffs and discharges also increased to 1.620 million from 1.507 million prior. The robust job openings figure reduces expectations for near-term Federal Reserve rate cuts, as a resilient labor market supports the Fed's higher-for-longer stance. Dollar pairs such as EUR/USD and GBP/USD came under pressure following the release. Traders should monitor Friday's Non-Farm Payrolls for confirmation of labor market strength, which could further bolster USD positioning across major pairs.