Here is what you need to know Monday, November 3rd:
- The dollar was the worst performer, falling against all of its major rivals on the back of a dismal ISM Manufacturing PMI down to 58.1 in November.
- Risk aversion took over the financial markets amid the back and forth in the trade war front. US President Trump triggered the dismal sentiment ahead of Wall Street’s opening, by announcing immediate tariffs of base metals’ imports coming from South America. Earlier in the day, China said it won’t allow the visit of the US military to Hong Kong and announced sanctions against several US non-government organizations for encouraging protesters. Also, Wilbur Ross claimed Trump could lift tariffs on China if a deal is not reached. Finally, White House advisor, Conway, announced phase one of China trade deal is being written up, but his words were too little too late.
- The Sterling was the worst performer, ending the day around 1.2930, unchanged from Friday’s close against the greenback, as polls suggest a hung Parliament.
- Wall Street collapsed, safe-haven yen appreciated, and gold also advanced, although at a slower pace. The bright metal retains a neutral stance.
- Crude oil prices held at the lower end of the last week’s range, as investors wait for fresh clues on OPEC+ next move.
- Cryptocurrencies consolidated weekend losses.
- AUD/USD trades at over one-week highs ahead of the RBA monetary policy announcement. The central bank is expected to maintain the status quo.
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.