The financial markets across the globe are still experiencing significant volatility as European trading opens on Tuesday (March 11, 2025). Concerns regarding a slowdown in the American economy are putting pressure on the US dollar.
The release of the Job Openings and Labor Turnover Survey (JOLTS) data from the United States at 21:00 WIB could trigger significant movements in the evening’s trading session. The forecast from Trading Central indicates that JOLTS job openings in January are expected to be 7.5 million, slightly down from the previous month’s 7.6 million.
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GOLD
Gold prices (XAUUSD) surged at the onset of the European trading session, hitting a level of $2,912.41 per troy ounce. This marks an increase of $23 or 230 pips compared to Monday’s closing prices.
The pressure on the US dollar has allowed Gold to rebound, almost recovering its early-week losses. A lower than expected release of JOLTS data will likely provide additional positive sentiment for Gold, reflecting a weakening labor market in the US.
OIL
Oil prices have reversed course, climbing to $66.53 per barrel after dropping to $65.28 per barrel earlier in the day. Despite this increase, Oil is still facing negative sentiment stemming from fears of an economic slowdown in the US and the OPEC+ plan to boost production next month.
Should the JOLTS data tonight reveal a number lower than the forecast, Oil could be under further pressure.
EURUSD
EURUSD has soared to 1.09211, marking its highest level since November 6, 2024. This represents a rise of 855 points (85.5 pips) compared to Monday’s closing and a total gain of 546 pips for the month.
The currency pair has surged since last week following Germany’s announcement of a fiscal reform plan aimed at stimulating economic growth. As the largest economy in Europe, Germany’s faster growth could have positive effects on other countries within the Eurozone, and consequently, bolster sentiment for EURUSD. Thus, if the JOLTS data is released below the forecast, EURUSD could benefit from additional positive sentiment.
GBPUSD
Similarly to EURUSD, this currency pair also climbed sharply during the European session, reaching a daily high of 1.29412. Compared to Monday’s close, GBPUSD has risen by 635 points (63.5 pips).
Fueled by the rise in EURUSD, GBPUSD has also reached its highest level in four months, driven by the weakening US dollar. Should tonight’s JOLTS data drop below 7.5 million, GBPUSD may receive further positive momentum.
USDJPY
USDJPY has bounced back to 147.600 at the start of European trading, after dipping to 146.540 earlier in the day. This is the lowest level since October 4, 2024.
The rise in USDJPY could be attributed to short covering amidst its position being relatively low. However, the currency pair may face renewed pressure if the JOLTS data indicates a drop below the forecast, signifying a weakening labor market in the US.
Nasdaq
The Nasdaq climbed back to 19,579 at the beginning of European trading after previously hitting a six-month low of 19,143.
Concerns regarding the US economic slowdown continue to loom over Nasdaq, meaning there is potential for additional downward pressure should tonight’s economic data reveal worse results than anticipated.
