Forex Today: Hard to believe in Trump’s words
|Here is what you need to know Friday, November 6th:
- US data came in slightly better than expected, but the dollar remained unattractive, as the market is getting ready for a discouraging US Nonfarm Payroll report. Despite the forecast points to 180K new jobs added in November, data ahead of it suggest it will be a miss.
- In the US-China trade deal front, there were comments from US Treasury Secretary Mnuchin and US President Trump during US trading hours, both suggesting that both countries continue working and that things are going well. The market didn’t want to believe them, with Wall Street posting modest intraday losses.
- UK election polls show that Conservatives’ led stabilized at 10 points. GBP/USD is trading near its May high at 1.3176. EUR/USD hovered around 1.1100 throughout the day, despite dismal EU data.
- The Japanese yen resumed its advance, faltering against the greenback at around 109.00. Gold, however, was unable to attract investors, spending the day consolidating around 1,475.00
- Crude oil prices closed the day unchanged after hitting fresh 2-month highs. The focus was on the OPEC+ meeting. Members agreed to extend their cuts but by just 500,000 barrels per day in Q1 2020 according to market’s talks, falling short of expectations as such reduction won’t have a real impact.
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