Here is what you need to know about the important news between October 30th, 2023, and November 03th 2023, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
The US Dollar (USD) measured by the US Dollar Index (DXY) declined to 106.35, near the 20-day Simple Moving Average (SMA), and then recovered towards 106.60. Datawise, Personal Consumption Expenditures (PCE) figures from September showed no surprises, and investors seem to be taking profits after three consecutive days of gains.
Gold
Gold price (XAU/USD) advanced beyond the $2,000 psychological mark on Friday, hitting its highest level since May 16 and registering a third straight weekly gain. That said, elevated US Treasury bond yields, bolstered by the prospects for further policy tightening by the Federal Reserve (Fed), underpins the US Dollar (USD) and prompts some profit-taking around the non-yielding XAU/USD on the first day of a new week. The corrective decline extends through the first half of the European session and drags the yellow metal to a fresh daily low, around the $1,992 region in the last hour.
Oil.
West Texas Intermediary (WTI) barrel prices are getting pushed back into recent highs for Thursday, rising into $88.30 per barrel after kicking the day off with an early decline into $85.50.
Crude Oil markets saw some slight easing on Wednesday after it was announced that US-led sanctions on Venezuela will be lifted, allowing the South American country to return to exporting into the global market, but investors may have overrun their own expectations on how quickly that supply uptick would impact broader markets.
Economic calendar most important releases – All times are GMT
Tuesday, October 31, 2023
06:00 EUR CPI (YoY) (Oct)
10:00 USD CB Consumer Confidence (Oct)
Wednesday, November 1, 2023
08:15 USD ADP Nonfarm Employment Change (Oct)
10:00 USD ISM Manufacturing PMI (Oct)
10:00 USD ISM Manufacturing Prices (Oct)
10:00 USD JOLTs Job Openings (Sep)
10:30 USD Crude Oil Inventories
14:00 USD FOMC Statement
14:00 USD Fed Interest Rate Decision
14:30 USD FOMC Press Conference
Thursday, November 2, 2023
08:00 GBP BoE Interest Rate Decision (Nov)
08:30 USD Initial Jobless Claims
Friday, November 3, 2023
All Day Holiday Japan – Culture Day
08:30 USD Average Hourly Earnings (MoM) (Oct)
08:30 USD Nonfarm Payrolls (Oct)
08:30 USD Unemployment Rate (Oct)
09:45 USD S&P Global Services PMI (Oct)
10:00 USD ISM Non-Manufacturing PMI (Oct)
10:00 USD ISM Non-Manufacturing Prices (Oct)
Thanks for reading! Have a great week!
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