Market Overview: November 1, 2024
Today, markets are watching U.S. data. Reports include Nonfarm Payrolls, Unemployment Rate, and Average Hourly Earnings, all of which could impact the USD. Additionally, Canadian manufacturing data and U.S. ISM Manufacturing numbers are expected, which might move the CAD.
Key Data Points
- 12:30 GMT – U.S. Nonfarm Payrolls (Oct): A critical gauge of the labor market, with expectations potentially shaping USD strength.
- 12:30 GMT – U.S. Unemployment Rate (Oct): Projected to stay at 4.1%, any deviation could influence Fed rate expectations.
- 12:30 GMT – Average Hourly Earnings (MoM & YoY) (Oct): These metrics provide insights into wage growth. They affect inflation and consumer spending trends.
- 13:30 GMT – Canada S&P Global Manufacturing PMI (Oct): Offers a view on Canada’s manufacturing sector, with implications for CAD.
- 14:00 GMT – U.S. ISM Manufacturing PMI and Sub-Indices (Oct): Critical for assessing U.S. manufacturing health, impacting both domestic and global outlooks.
Energy Movements
- Crude Oil is up by 1.99%, trading at $70.64 per barrel. Despite recent losses, this rebound indicates a temporary lift, potentially on speculation around OPEC decisions or geopolitical factors.
- Brent oil mirrors crude’s increase with a 1.84% rise, now at $74.15 per barrel.
- Natural Gas remains volatile, down 0.41% at $2.70 per MMBtu, reflecting supply concerns and seasonal demand fluctuations.
Currency Movements
- EUR/USD is slightly down by 0.07%, holding at 1.0877. Market participants await U.S. payroll data, which could push EUR/USD further down if results exceed expectations.
- GBP/USD remains unchanged at 1.2897, reflecting cautious sentiment ahead of major U.S. data releases.
- AUD/USD has softened by 0.24%, trading at 0.6560, as risk appetite declines amid a stronger USD.
- NZD/USD shows a marginal decline of 0.06%, hovering around 0.5967.
- USD/JPY is slightly up by 0.26% at 152.36, reflecting strength in the dollar as investors seek clarity on Fed’s next moves.
- USD/CAD remains nearly flat at 1.3934 ahead of Canada’s PMI data.
Metals Market
- Gold is modestly up by 0.15% at $2750.93 per ounce, as traders seek a safe haven amidst global uncertainty.
- Silver sees a small dip of 0.04%, holding at $32.65 per ounce.
- Copper increases by 0.24%, trading at $4.32 per pound, as demand outlook stabilizes.
Gold price by GoldBroker.com
Things to Keep an Eye on
- U.S. Nonfarm Payrolls and Unemployment Rate at 12:30 GMT. These are key indicators for understanding labor market strength. They also help understand potential Fed policy adjustments.
- ISM Manufacturing PMI at 14:00 GMT – This reading will give insight into the U.S. manufacturing sector’s health, influencing USD and global market sentiment.
- Canada’s Manufacturing PMI – This could impact CAD trading, especially in USD/CAD pairs.
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