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Forex Today: US Payrolls and U-Mich come next

Source Fxstreet

The US Dollar (USD) has maintained its bearish tone, building on Wednesday’s election-led marked pullback on Thursday. The marginal decline has come amid a generalised cautious mood, with the hangover from the US midterm election results still in place, all ahead of the release of Nonfarm Payrolls for October.

The US Dollar Index (DXY) has traded in a vacillating fashion, revisiting the 101.70 region amid the widespread decline in US Treasury yields. The Nonfarm Payrolls (NFP), Unemployment Rate and the flash U-Mich Consumer Sentiment gauge will all close the weekly calendar.

EUR/USD has met decent contention near the 1.1200 region before staging a modest rebound, eventually ending the day slightly with humble gains. The Industrial Production in Germany is due along with the EMU’s Producer Prices.

GBP/USD has alternated gains with losses around 1.3470, struggling to extend its multi-day positive streak. The Lloyds House Price Index and the BBA Mortgage Rate will be released across the Channel.

USD/JPY has added to Wednesday’s retracement and briefly revisited the 157.80 zone. Next on tap in the Land of the Rising Sun will be the Average Cash Earnings, seconded by the weekly Foreign Bond Investment figures.

AUD/USD has retreated markedly, reaching fresh three-week lows in the 0.6940 region following some discouraging comments from the RBA’s Hauser and the widespread caution in the global markets. Next on tap in Oz will be the final prints of the Building Permits and Private House Approvals on November 9.

Following a brief drop to the $86.00 region per barrel, front-month WTI futures (December contract) have rebounded markedly, reclaiming the $90.00 mark and beyond amid persistent uncertainty surrounding the US-Iran-Hormuz puzzle.

Gold has built on the previous day’s advance, climbing past the $4,100 mark per troy ounce amid the US Dollar’s inconclusive price action, shrinking US Treasury yields across the curve and further investors’ assessment of the Democrats’ win at the midterm elections.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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