03:00 PM GMT, United States - JOLTS Job Openings for November:
- actual 8.098M; forecast 7.730M; previous 7.839M;
In November, U.S. job openings remained steady at 8.1 million, down 833,000 from a year ago, with notable increases in professional and business services (+273,000) and declines in information (-89,000). Overall data came much higher than expected, suggesting a still strong labor market.
03:00 PM GMT, United States - ISM Data for December:
- ISM Non-Manufacturing New Orders: actual 54.2; forecast 54.2; previous 53.7;
- ISM Non-Manufacturing Employment: actual 51.4; forecast 51.4; previous 51.5;
- ISM Non-Manufacturing Business Activity: actual 58.2; previous 53.7;
- ISM Non-Manufacturing Prices: actual 64.4; forecast 57.5; previous 58.2;
The market reaction, including the strong rise in the dollar after the data release, were mainly driven by the strong rise in the ISM report price sub-index. The ISM data combined with JOLTS certainly do not support further reductions by the Fed at the current juncture. Therefore, we are seeing a strong sell-off in the market after the publication.

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Morning wrap (20.11.2025)