SHANGHAI, Jul 10 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar continued to climb against its major rivals as market participants anxiously awaited more clues about the Federal Reserve's next move on interest rates.

Market expectations for a July rate cut were 100%, according to the CME Group's FedWatch tool. However, the odds for a more aggressive cut were reduced after the release of the stronger-than-expected jobs report last Friday.

Base metals ended mixed as LME zinc fell 0.5%, tin lost 1.27%, copper slid 0.96%, while lead gained 2.43%, aluminium climbed 0.89%, and nickel rose 0.31%. SHFE zinc lost 0.99%, copper fell 0.93%, while aluminium went flat, tin grew 0.09%, lead rose 2.27%, and nickel went up 1.04%.

US job openings fell in May, pulled down by declines in the construction and transportation industries, potentially flagging a slowdown in employment growth in the months ahead. 

Job openings, a measure of labour demand, slipped by 49,000 to a seasonally adjusted 7.3 million in May, the Labor Department said in its monthly Job Openings and Labor Turnover Survey (JOLTs) on Tuesday. The job openings rate dipped to 4.6% from 4.7% in April.

Hiring dropped by 266,000 to 5.7 million in May, with the biggest decrease in the professional and business services industry. The hiring rate fell to 3.8% from 4.0% in April.

Day ahead

China will release its social financing, M2 money supply for June, and data on its consumer price index (CPI), producer price index (PPI) for June. The US will publish data on its wholesale inventories for May and the weekly crude oil inventories by the American Petroleum Institute (API) and the Energy Information Administration (EIA). 

US Federal Reserve chairman Jerome Powell is scheduled to deliver his bi-annual congressional testimony on Wednesday and Thursday.