Nov. 7: MARKET OVERVIEW
US dollar heads for the biggest weekly gain versus its main counterparts in more than 16 months before a US government report (13:30 GMT) forecast to show employers added more jobs in October than this year’s average. The forecast for NFP is +235K. This week America released solid ADP employment report, while jobless claims contracted – good news about the US labor market.
EUR/USD consolidates around 1.2370 following the yesterday’s dip on the ECB press conference.
AUD/USD lost some pips, slipping to 0.8540. RBA policy statement highlights the risk of a crash in the Chinese property market, lower commodity prices and a still-high currency as the key sources of uncertainty.
USD/JPY crawled up back to 115.50 staying in the short-term bullish channel. GBP/USD closed below the support at 1.5870 on Thursday sliding to the lowest levels since Sep. 2013.