Market Overview: November 6, 2024
Today as we await US election results there’s various bits of data out. These include Germany’s industrial orders, the Eurozone’s PMI, and central bank rate decisions. Additionally, the ongoing U.S. election coverage is adding an extra layer of anticipation to the market.
Key Data Points
- 07:00 EUR – German Industrial Orders (MoM): Previous -5.8%, Forecast 1.5%
- 09:00 EUR – Eurozone PMI Composite: Previous 49.6, Forecast 49.7
- 13:00 PLN – Poland Central Bank Rate Decision: Previous 5.75%, Forecast 5.75%
- 14:00 EUR – ECB President Lagarde’s Speech
- 15:30 USD – EIA/DOE Weekly Petroleum Status Report (Crude Oil Stocks Net Change): Forecast 1.8M, Previous -515K
Energy & Precious Metals
- Crude Oil (WTI): Down by 2.06%, trading at $70.51 as supply concerns weigh on prices despite weekly gains.
- Brent Oil: Decreased by 2.20% to $73.87, with global supply-demand dynamics in focus.
- Gold: Declined by 0.66% to $2,727.44 per troy ounce, as investors reduce safe-haven assets, anticipating U.S. election outcomes and central bank speeches.
- Silver: Down by 1.84% at $32.10 per troy ounce, mirroring the trends in gold, as market sentiment shifts.
Currency Movements
- EUR/USD: Dropped by 1.91% to 1.0725, affected by mixed Eurozone data and risk-off sentiment surrounding global events.
- GBP/USD: Down 1.35%, trading at 1.2865, with market participants closely watching U.K. economic trends.
- AUD/USD: Fell by 1.56% to 0.6537, pressured by market risk aversion and U.S. dollar strength.
- NZD/USD: Decreased 1.47% to 0.5927, reflecting similar trends as the Australian dollar.
- USD/JPY: Surged 1.66% to 153.95, with the yen weakening amid risk sentiment and U.S. dollar demand.
- USD/CNY: Up 1.34%, trading at 7.1856, as the dollar gains ground against the yuan on election uncertainty.
- USD/CHF: Gained 1.28% to 0.8735, with the Swiss franc losing ground in risk-off trading.
- USD/CAD: Increased by 0.67% to 1.3927, amid declining oil prices and Canada’s economic updates.
Things to Keep an Eye on
- ECB President Lagarde’s Speech: Scheduled for later today, Lagarde’s remarks may provide insights into the ECB’s future policy direction. This is crucial with the Eurozone facing ongoing economic challenges.
- Polish Central Bank Rate Decision: The outcome may influence PLN movement, particularly if there’s any deviation from the forecasted 5.75% rate.
- U.S. Election Developments: With ongoing coverage, the results are likely to impact the USD. The broader market sentiment may also be affected as investors gauge potential policy shifts.
- EIA Crude Oil Inventory Report: This data could affect oil prices, especially if stockpiles change significantly from forecasts.
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