It’s good to be back after a wonderful trip to the Finance Magnates Africa Summit in Cape Town, which was a great event. What a spectacular city, though I didn’t have nearly enough time to see it.

I managed to miss the reversal on EU tariffs and the TACO fun while the US dollar has continued to slide. The tariff court ruling changes the state of play and the lack of progress on US trade deals ahead of July 9 has turned into something of a meme.

Today the US dollar has bounced somewhat and eyes will be on economic data, though I don’t see the potential for game changers. Up first at the bottom of the hour is the factory orders report for April, including durable goods revisions. It’s almost impossible to get a clean view on the industrial side of the economy through all the tariff noise.

Then at 10 am ET, we get the April JOLTS report. Some weakness in job openings has crept in and it’s an indicator the Fed watches closely. The consensus is for 7.1m job openings.

On the Fed docket we get Goolsbee, Cook and Logan. For more, see the economic calendar.