Here is what you need to know on Friday, November 5:

The dollar has gone into a consolidation phase early Friday after posting impressive gains against its major rivals on Thursday and investors still have several high-tier data releases to deal with ahead of the weekend. September Industrial Production from Germany and September Retail Sales data from the euro area will be featured in the European economic docket. In the second half of the day, the October jobs report from Canada and the United States will be watched closely by market participants. 

With the dust finally settling down after the Federal Reserve's policy announcements, the greenback started to gather strength with the monetary policy divergences between major central banks becoming more apparent. The US Dollar Index, which tracks the dollar's performance against a basket of six major currencies, reached fresh multi-week highs near 94.50. Investors expect Nonfarm Payrolls to rise by 425,000 in October following the dismal print of 194,000 in September. The benchmark 10-year US Treasury bond yield erased its Fed-inspired gains but stays afloat above 1.5%. Meanwhile, the Bank of England decided to leave its policy rate unchanged at 0.1% and caused the British pound to suffer heavy losses across the board.

The S&P 500 Index hit a new all-time high on Thursday and the US stock index futures trade flat in the early European session. Later in the day, the US House of Representatives will vote on US President Joe Biden's Build Back Better Act. Meanwhile, several outlets reported that the US and China plan to reopen the consulates that were closed last year.

EUR/USD fell sharply and came within a touching distance of the 2021-low of 1.1524 on Thursday before staging a modest correction. Ahead of key data releases, the pair is moving sideways around 1.1550.

GBP/USD lost 1.3% on Thursday and registered its largest one-day loss in more than a year on its way to a fresh monthly low of 1.3470. Currently, the pair is consolidating its losses around 1.3500.

USD/CAD climbed to its highest level in more than two weeks on the back of dollar strength on Thursday. The Unemployment Rate in Canada is expected to remain unchanged at 6.9% in October with the Net Change in Employment coming in at +19.3K.

Gold capitalized on falling US Treasury bond yields and staged a decisive rebound. As of writing, XAU/USD was trading slightly below the key $1,800 level.

Cryptocurrencies: Bitcoin continues to tread water above $60,000 and Ethereum holds above $4,500. 

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.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD remains sidelined below 1.0600 ahead US data

EUR/USD remains sidelined below 1.0600 ahead US data

EUR/USD is trading close to 1.0600, keeping its range play intact. The US dollar stays sluggish amid a better mood, awaiting the CB Consumer Confidence data. The euro shrugs off the ECB commentary on the new anti-fragmentation tool. 


GBP/USD ranges below 1.2300 amid sluggish USD, US data eyed

GBP/USD ranges below 1.2300 amid sluggish USD, US data eyed

GBP/USD is moving back and forth in a familiar range below 1.2300, lacking a clear directional bias amid a muted US dollar index and risk-on sentiment. Ongoing Brexit and UK political woes remain a drag on the pound. US data eyed. 


Gold bears eye $1,820 and $1,816 as next targets

Gold bears eye $1,820 and $1,816 as next targets

Optimism prevails, pointing to a turnaround Tuesday for the financial markets, as the previous week’s upbeat global momentum returns and caps the broad US dollar recovery. Investors remain wary ahead of the key NATO Summit.

Gold News

Former Ripple CTO is dumping millions of XRP, traders beware

Former Ripple CTO is dumping millions of XRP, traders beware

XRP price shows promise that it is ready to trigger a massive run-up as the first half of the year comes to an end. There are three reasons why investors should be bullish on Ripple.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!