The Dollar Index Has Become Stable. We Expect Labor Statistics from the US

Yesterday, the US dollar fell against a basket of currency majors. The dollar index (#DX) closed the trading session in the red zone (-0.34%). It became known that China was doubtful of a trade agreement achievement between the US and China. Chinese authorities have accused the US President Donald Trump of being too impulsive and believe that he could back down at the last moment. Also, the US currency is under pressure since the United States House of Representatives approved a public hearing regarding Donald Trump’s impeachment yesterday. The next stage in consideration of illegal cases of the US President was approved.

At the moment, the greenback has become stable. Investors have taken a wait-and-see attitude before the publication of the US labor market report for October. Experts forecast deterioration in key indicators. We recommend paying attention to the difference between actual and forecasted values. These statistics may have a significant impact on the Fed's views on further monetary policy adjustment.

The "black gold" prices have been growing. Currently, futures for the WTI crude oil are testing the $54.40 mark per barrel.

Market Indicators

Yesterday, there was a variety of trends in the US stock markets: #SPY (-0.27%), #DIA (-0.46%), #QQQ (+0.05%).

The 10-year US government bonds yield has declined significantly. At the moment, the indicator is at the level of 1.69-1.70%.

The Economic News Feed for 01.11.2019:
  • - Manufacturing PMI in the UK at 11:30 (GMT+2:00);
  • - Report on the labor market in the US at 14:30 (GMT+2:00);
  • - ISM manufacturing PMI in the US at 16:00 (GMT+2:00).

by JustForex, 2019.11.01

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.

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