FOREX TODAY: US DOLLAR CONSOLIDATES LOSSES IN QUIET START TO THE WEEK
Here is what you need to know on Monday, November 6:
Financial markets started the new week in a quiet manner. After falling more than 1% in the previous week, the US Dollar (USD) Index stabilized near 105.00 early Monday and the benchmark 10-year US Treasury bond yield recovered toward 4.6%. Sentix Investors Confidence data for November will be featured in the European economic docket. The US calendar will not be offering any high-impact data releases later in the day.
Nonfarm Payrolls in the US rose by 150,000 in October, the US Bureau of Labor Statistics (BLS) reported on Friday. This reading came in below the market expectation of 180,000 and pointed to loosening conditions in the labor market. Consequently, the USD continued to weaken against its major rivals ahead of the weekend and risk flows dominated the action in financial markets on growing expectations of the Federal Reserve holding the policy rate steady in December. Early Monday, US stock index futures trade slightly higher on the day.
Meanwhile, the Israel Defense Forces said over the weekend that operations against "Hamas’ leadership and infrastructure in northern Gaza" will continue
Edited 07 Nov 2023, 00:09
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