Here is what you need to know on Monday, October 11:
The dollar weakness following the disappointing September US jobs report, which showed that Nonfarm Payrolls rose by 194,000 to miss the market expectation of 500,000 by a large margin, remained short-lived. Surging US Treasury bond yields provided support to the greenback and helped it remain resilient against its rivals.
NFP Quick Analysis: Three reasons for dollar bears to party, even if tapering remains intact.
There won't be any high-tier macroeconomic data releases on Monday. The US bond markets will be closed due to Columbus Day but stock markets will operate during normal hours. Nevertheless, the trading action is expected to remain subdued ahead of Wednesday's US inflation data.
Wall Street: US stock futures trade flat on Monday, mirroring a neutral market mood.
Week Ahead on Wall Street (SPY) (QQQ): No jobs, no taper, no rally. Can earnings change things?
USD/JPY: USD/JPY extended last week's rally, which was fueled by the 10-year US T-bond yield's advance to multi-month highs above 1.6%, and reached its strongest level since December 2018 at 112.75. Moreover, the Nikkei 225's impressive more-than-1.5% increase on Monday seems to be putting additional weight on the safe-haven JPY's shoulders.
Gold: Following a sharp upsurge to a fresh two-week high of $1,781 in the early American session on Friday, gold ended up closing the week with small losses at $1,757. Currently, XAU/USD is fluctuating in a tight channel above $1,750.
EUR/USD: The EUR/USD pair registered losses for the fifth straight week and stays relatively quiet below 1.1600 at the start of the week.
GBP/USD: British pound is edging higher in the early European session on Monday and the GBP/USD pair was last seen trading at its highest level since late September at 1.3658. September labour market data from the UK could be the next major catalyst on Tuesday.
AUD/USD: Supported by rising copper prices, the AUD/USD pair opened on a firm footing and closes in on the multi-week high it set at 0.7340 on Friday.
Oil: The barrel of West Texas Intermediate is trading above $80 for the first time since November 2014 after reports suggesting that OPEC+ will refrain from ramping up its oil output.
Cryptocurrencies: Following a quiet weekend, Bitcoin regained its traction and renewed five-month highs above $56,000. Ethereum is up more than 3% on a daily basis and is trading around $3,500.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD recovers further toward 0.6800 on risk-recovery
AUD/USD extends recovery toward 0.6800 in Asian trading on Thursday, despite mixed Australian employment data. The Aussie cheers a return of risk appetite, which weighs on the post-Fed US Dollar recovery. All eyes now remain on US economic data for fresh impetus.
USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles
USD/JPY is attacking 143.00 in Thursday's Asian session, reversing sharply from 144.00. The pair pares back gains in tandem with the US Dollar, as the latter's post-Fed recovery falters due to a rebound in risk sentiment. The focus is next on the US data due later today and Friday's BoJ decision.
Gold price regains positive traction amid a modest USD pullback from one-week high
Gold price attracts some dip-buying during the Asian session on Thursday and seems to have stalled its retracement slide from the $2,600 mark, or a fresh all-time peak touched the previous day. The US dollar trims a part of its intraday gains to a one-week high, which turns out to be a key factor lending support to the commodity.
Crypto leaders and Congress blast SEC over crypto regulations
In a meeting on Wednesday, several crypto leaders and congress members debunked the Securities and Exchange Commission's harsh regulatory approach toward the crypto industry.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.