Here is what you need to know about the important news between November 06th, 2023, and November 10th, 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 index retreats for the third session in a row on Monday as market participants continue to adjust to the release of October’s softer-than-estimated labour market report, where the US economy created 150K jobs and the jobless rate ticked higher to 3.9%.
In the meantime, the dollar saw its downside momentum gather extra steam in response to investors’ repricing of the continuation of the Fed’s pause in its tightening campaign along with the probability of interest rate cuts at some point around June-July 2024.
Gold
Gold price (XAU/USD) trades around $1,985 on Monday, retreating from Friday’s highs at over $2,000, as US long-term bond yields rebound. The yellow metal is paring back some of the gains registered on Friday after the release of the US employment report for October, which showed softer growth in both jobs and wages. Despite the recent retreat, Gold’s downside remains cushioned by persistent geopolitical tensions in the Middle East as the Israeli authorities reject the proposal for a ceasefire, keeping safe-haven bids firm.
Oil.
Friday’s decline in prices of WTI came amidst an increasing open interest and volume, leaving the door open to extra losses in the very near term. That said, a breach of the key contention area around $80.00 should spark a deeper pullback to initially, the interim support at the 200-day SMA at $78.16.
Economic calendar most important releases – All times are GMT.
Monday, November 6, 2023
22:30 AUD RBA Interest Rate Decision (Nov)
Wednesday, November 8, 2023
02:00 EUR German CPI (MoM) (Oct)
09:15 USD Fed Chair Powell Speaks
10:30 USD Crude Oil Inventories
Thursday, November 9, 2023
08:30 USD Initial Jobless Claims
14:00 USD Fed Chair Powell Speaks
Friday, November 10, 2023
02:00 GBP GDP (YoY) (Q3)
02:00 GBP GDP (MoM) (Sep)
02:00 GBP GDP (QoQ) (Q3)
Thanks for reading! Have a great week!
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