Non-Farm Payrolls round out the week

November 1, 2019

A stack of activity today as we finish up what has been a hectic week for markets.

The EURUSD traded mainly flat yesterday, failing to be convinced to head one way or another. The pair began the day at $1.11494 and climbed steadily early, peaking at $1.11749 mid-session. It came off those highs shortly afterwards, falling to lows of $1.11308 late in the day. The euro bounced off those lows and is currently trading at $1.11509. The GBPUSD made some solid gains overnight after opening the day at $1.28963. The pair dipped to lows of $1.28927 in the opening hour before rallying for most of the day, hitting highs of $1.29751 heading into late-session trading. It has given up some of those gains and is now trading at $1.29286.

The Dow turned negative overnight, giving up gains made throughout the previous session. The index started the day at 27,241.56 and remained flat early in the day. Mid-session trading saw the Dow begin to pile on the losses, hitting lows of 26,912.67. A late resurgence saw the index regain some of those losses and it is now trading at 27,029.87. The Dax, being weighed down by the Dow, also endured a negative session. The German index opened the day at 12,943.32 and ticked up to a high of 12,954.37. It plummeted from those highs to hit a low of 12,792.48 just an hour or so later. It rebounded off those lows as it battled away to regain those earlier losses, where it eventually closed at 12,898.86.

The day ahead sees the publication of a host of data, with the US holding the key for markets. The US will be releasing Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate data. The economy is expected to have added 90,000 jobs over the previous month (down from 136,000 recorded the month before. Wage inflation is expected to show a 0.3% increase (up from 0% from the previous month), while the Unemployment Rate is forecast to tick up to 3.6% from the current 3.5%.

Other data published today includes:

UK – Manufacturing PMI

Canada – Manufacturing PMI

Australia – PPI, Commodity Prices

China – Caixin Manufacturing PMI

Japan – Final Manufacturing PMI, Unemployment Rate

Europe – Swiss CPI, Retail Sales and Manufacturing PMI

US – ISM Manufacturing PMI & Prices, Final Manufacturing PMI, Construction Spending, Wards Total Vehicle Sales, FOMC Members Richard Clarida, Randal Quarles and John Williams speak



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