The Greenback is slightly stronger, but is generally trading on a tight range heading into the North American open. Trade war is escalating as China vows to retaliate after the US begins the process to impose tariffs on Chinese exports worth $200 billion, which may take affect as early as August. This has caused markets to drop, stocks to fall and strength in the USD.
JOLTS Job Openings in May surprised the market yesterday and printed at 6638 when expectation was for 6620. No major event risk today out the US, but several second tier data is due for release this morning. Starting off with PPI data in June, which released 0.1% better than the expected 0.2%. Shortly, we’ll have Wholesale Inventories in May release, which is expected to print at 0.4%, then Crude Oil Inventories in July. In the afternoon Fed Member Williams will be speaking in Brooklyn.