Forex Today: Dollar defeated ahead of Non-Farm Payrolls, Chinese data cheers markets

Here is what you need to know on Friday, November 1:

  • Tension is mounting toward the US Non-Farm Payrolls, with the US Dollar consolidating its post-Fed losses. A gain of around 89,00 jobs in October. The low figure is partly due to the strike at General Motors, which may have shed more than 50,000 jobs. Bloomberg's "whisper number" stands at 100K. The Unemployment Rate is set to rise to 3.6% and wage growth to increase by 0.3% monthly and 3% yearly. 
    See US Non-Farm Payrolls Preview: The trend remains the same
  • Trade: High-level US and Chinese negotiators will hold a telephone call later today and try to push talks forward. While they have made progress on Phase One, reports suggest that China doubts that a broad agreement is possible with President Donald Trump. Officials in both Beijing and Washington are optimistic in public but skeptical in private. 
  • China: The Caixin Purchasing Managers' Index for the manufacturing sector has risen to 51.7 points, better than expected and helping improve the market mood. 
  • US ISM Manufacturing PMI is published after the NFP, but is still of interest. Economists expect an increase from the lows of 47.8 points recorded in September. See US October Manufacturing PMI Preview: Waiting for the China deal
  • Fed speak: Richard Clarida, Vice-Chair of the Federal Reserve, is one of three officials that will make public appearances today, and may provide more clarity on the central bank's policies. 
  • UK politics: A batch of post-election announcement polls continued showing a significant lead of around 12% for Prime Minister Boris Johnson's Conservatives. Prospects of a clear majority have underpinned the pound.
  • Cryptocurrencies are stable with Bitcoin holding above $9,000.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD flirts with daily lows sub-1.1400

The EUR/USD pair is down to daily lows mid-US afternoon, as the dented market’s mood lifts the dollar. Upbeat US data and an on-hold ECB failed to impress investors.


GBP/USD returns to 1.2550 comfort zone

The GBP/USD pair keeps retreating from daily highs, now trading flat for the day around 1.2550. UK employment data came in better-than-anticipated but fell short of boosting sterling.


Gold trades with modest losses, downside remains limited

Gold witnessed a modest intraday pullback amid a pickup in the USD demand. The prevalent risk-off mood extended some support to the safe-haven metal. A sustained break below $1800 is needed to confirm a bearish break.

Gold News

Why is the crypto market falling today?

War for dominance impacts the market and heralds several days of turbulence. Fight between Bitcoin and Ethereum hurts the Altcoin segment, which is largely overbought after weeks of euphoria. Ripple is the most affected of the Top 3 and steps back into a high-risk environment.

Read more

Oil : The price action seems indecisive at these elevated levels

WTI is still in a bull trend on the chart below but at these elevated levels, it seems the price seems to be very jittery. Previously within this trend when the price moved higher the size of the bullish candles was bigger. 

Oil News