Forex Today: Sentiment to lead the weekly opening
|Here is what you need to know Monday, November 2nd:
- The American dollar was the strongest last week, although limited volumes, exacerbated by a long weekend in the US, kept majors within familiar levels. Month-end fixing and profit-taking saw it retreat ahead of the close.
- Risk-off could be correlated to Brexit and the UK, as news over the weekend hint some Pound weakness at the opening, as, according to a BMG Research poll for The Independent, such lead has halved in just one week. The latest survey attributes a 39% vote intention for Conservatives, and a 33% to Labour. GBP/USD could gap lower at the weekly opening.
- Risk-on could come from the hand of Chinese data, as the official November PMI beat the market’s estimates. The manufacturing index has come in at 50.2, after printing 49.3 in the previous month, the first time in expansion territory since April, while the non-manufacturing index printed at 54.4, much better than the previous 52.8. The Caixin Manufacturing PMI will be out this Monday, but won’t offset the outcome of the official figures.
- Gold prices recovered sharply at the end of the week and closed at 1,463.00 a troy ounce.
- Crude oil prices collapsed, down by roughly 5% on Friday, as comments coming from Arabian and Russian authorities put at doubt a production-cut extension at next week’s OPEC meeting.
- Cryptocurrencies came under selling pressure throughout the weekend, BTC/USD nears $7,000.00.
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