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ere’s what you had to know for Monday, November 4:
The US Dollar (USD) remains under significant selling pressure as the new week begins, with investors focusing on the upcoming presidential election on Tuesday and closely following US elections predictions. The only major data release in the US on Monday will be the September Factory Orders report. In Europe, attention will be on the November Sentix Investor Confidence index for the Eurozone, as well as revisions to the October HCOB Manufacturing PMI for Germany and the Eurozone. Market participants in forex trading, live forex trading, and the current exchange market will be closely monitoring these developments for potential market-moving opportunities.
The USD Index ignored the weak US labour market data from Friday, rising by 0.4% on the day. However, it opened with a bearish gap on Monday and fell to a new two-week low below 104.00. US stock index futures are trading slightly higher in early European hours. The US Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by just 12,000 in October, significantly below the market expectation of 113,000 and following the upwardly revised 223,000 increase (previously 254,000) in September. The BLS noted that hurricane impacts might have affected payrolls in certain sectors, but the exact effect could not be quantified. The EUR/USD pair ended its four-day winning streak on Friday but remained positive for the week, benefiting from broad USD weakness and rising towards 1.0900 early on Monday, offering potential opportunities for traders in forex trading and live forex trading.
GBP/USD has gained bullish momentum to start the week, climbing towards the 1.3000 level, where it faced resistance last week. This rise could provide valuable insights for those engaged in live forex trading, especially as the pair tests this key resistance zone.
After a sharp drop on Thursday, USD/JPY reversed direction on Friday and rose by more than 0.6%. However, the pair remains under pressure on Monday, trading deep in the red around 152.00, presenting potential volatility for those active in forex trading and live forex trading strategies in the current exchange market.
Gold saw a sharp decline after reaching a new record high, losing nearly 2% in the second half of the week. XAU/USD remains stable on Monday, hovering near $2,740, with traders in forex trading and live forex trading closely monitoring any signs of a further pullback or rebound in gold prices in the current exchange market.
In Asia, data from Australia revealed that the TD-MI Inflation Gauge, published by the Melbourne Institute, rose to 3% year-on-year in October, up from 2.6% in September. The Reserve Bank of Australia (RBA) will announce its monetary policy decision early Tuesday, with the expectation that the cash rate will remain unchanged at 4.35%. AUD/USD remains resilient, trading near 0.6600 after a strong start to the week, offering a potential focus for forex trading and live forex trading strategies in the Australian dollar, as the current exchange market reacts to upcoming central bank decisions.
