Macro Roundup (Aug 7)

SHANGHAI, Aug 7 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar rebounded from earlier lows on Tuesday, after China's central bank said that it would not use currency as a tool to deal with trade disputes.

China on Monday let its currency weaken past 7 to the dollar, its lowest level since the 2008 financial crisis, which led the US to label Beijing a currency manipulator.

Most LME base metals closed higher on Tuesday, with the biggest gain of 1.6% in lead. Tin rose 0.8%, nickel advanced 0.6% and copper gained 0.4%, while aluminium shed 0.2% and zinc fell 0.8%.

SHFE base metals, except for lead, ticked down overnight. Zinc slipped 0.9%, aluminium and tin fell 0.2%, nickel and copper declined 0.1%.

US job openings edged lower in June as the labor market continues to tighten, the Labor Department reported Tuesday.

Employment vacancies fell to 7.35 million from 7.38 million in May, according to the Job Openings and Labor Turnover Survey. The JOLTS report is closely watched by Federal Reserve policymakers as a measure for slack in the labor market.

Day ahead

The American Petroleum Institute is set to release its weekly inventory data today, with US official government numbers from the Energy Information Administration to follow on Wednesday.

China will release its foreign exchange reserves in July, while Germany will publish its industrial output in June.

Speeches by Federal Reserve officials in the coming days are also key things to watch.