Daily Market Insight

• US labor market easing despite more job openings • Powell's comments leaning towards a dovish stance • Euro zone inflation eases a touch, but services costs stuck • US dollar inches lower as dovish Powell comments offset upbeat jobs data

• US manufacturing continues to decline, while inflationary pressures are diminishing • Euro zone Manufacturing PMI decline deepens in June • German inflation decreases more than anticipated in June • UK manufacturing growth slows as shipping delays hit exports • US dollar climbs to new 38-year peak vs yen; euro rises after French elections

• U.S. PCE slows as expected in May • Far right wins first round in France election • China's June factory activity continued to contract, while services experienced a slowdown • Euro rises after France's first-round vote

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• Fed's Evans says taper to take until mid-2022 to complete • Here’s How Markets Might React If Biden Picks Lael Brainard as Fed Chair • ECB must be ready to act if inflation proves more durable: Schnabel • Dollar takes breather from rally, hovers just off 16-month top

The White House on Wednesday stepped up efforts to get Congress to raise the federal debt ceiling. National Economic Council Deputy Director Bharat Ramamurti and Treasury counselor Ben Harris conveyed the message to Democrats that it’s the shared responsibility of Republicans to avoid a U.S. payment default.

U.S. home prices once again jumped the most in more than 30 years. The S&P CoreLogic Case-Shiller index of property values nationwide surged 18.6% in June from a year earlier.

Energy companies on Monday were beginning a days-long evaluation of facilities hit by Hurricane Ida as widespread power outages and flooding onshore presented major hurdles to restarting oil and gas processing plants.

The dollar was nursing losses on Monday and kept near multi-week lows after Federal Reserve Chair Jerome Powell laid out a slower-than-expected path to rate hikes, while a storm lashing oilfields in the Gulf of Mexico lifted oil-exposed currencies.

U.S. President Joe Biden's advisers are considering recommending Jerome Powell for a second term as Federal Reserve chair with Lael Brainard as chief regulator, Bloomberg News reported on Thursday.