The Majors Are Consolidating

Last week, the main currency pairs showed a variety of trends. On Friday, November 03, the US published an ambiguous report on the labor market. In October, 261,000 new jobs were created in the non-agricultural sector of the country. Market expectations were at the level of 310000. The average hourly wages did not change. Experts expected the growth rate of 0.2%. At the same time, the unemployment rate fell from 4.2% to 4.1%. Support for the US currency was also provided by optimistic data on business activity in the non-manufacturing sector of the US from ISM.

In the current trading week, the financial market participants will follow up-to-date information on the tax reform in the United States. The central banks of Australia and New Zealand will decide on the interest rates. It is expected that regulators will leave the monetary policy unchanged. We recommend paying attention to the comments of officials of the Central Banks.

In the oil market, the bullish sentiment continues to prevail. Over the past week, futures for the WTI crude oil rose by more than 3.5%. At the moment, the price is testing the mark of $56 per barrel.

Market Indicators

The main US stock indexes are being traded near historical highs. On Friday, #SPY (SPDR S&P 500 ETF) closed the trading session at $258.45 (+0.33%).

The 10-year US government bonds yield shows a downward trend. At the moment the indicator is at the level of 2.32-2.33%.

Today we recommend you to pay attention to the following events:

- A number of indices of business activity in Germany and the Eurozone at 10:55 (GMT+2:00) and 11:00 (GMT+2:00), respectively;
- The index of business activity in Canada from Ivey at 17:00 (GMT+2:00).

by JustForex, 2017.11.06

We advise you to get acquainted with the daily forecasts for the major currency pairs.

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields