The JOLTS that propelled the greenback - Nomura

Analysts at Nomura broke down the key JOLTS data that lifted the dollar significantly.

Key Quotes:

"Job openings increased 461k to 6163k in June, the highest reading in the history of the Job Openings and Labor Turnover Survey (JOLTS) and the largest one-month change since July 2016. Much of the increase was driven by professional & business services (+179k) and health care & social assistance sectors (+125k), but goods-producing industries (mining, construction, and manufacturing) also contributed strongly with a 100k increase in job openings.

The quits rate, a measure of how comfortable workers are with the current labor market, ticked down slightly by 0.1pp to 2.1%. Since May 2016, the quits rate has stayed between 2.1-2.2% after recovering somewhat from the recession-low of 1.3%. The layoffs & discharges rate ticked up slightly to 1.2%, from 1.1%, but remains subdued. The hires rate (3.7%) remained unchanged from June, while the separations rate, which measures both quits and layoffs, also remained unchanged at 3.6%. Taken together, the steady readings of the hires and separation rates indicate that labor market turnover remains restrained. However, the sharp increase in vacancy postings indicates steady labor demand."