Marketwatch North America

Daily Insights
November 6, 2023

October Nonfarm Payrolls reported Friday were 150k, lower than the 180k estimate and the lowest tally since June. September’s payrolls were revised down from 336k to 297k. Signs of a softening labor market suggest the Fed’s rate increases continue to filter through the U.S. economy and support its pause on any further hikes, allowing more time for the full effects of the tightening to be felt.

The U.S. Dollar Index closed -1.04% Friday, its second biggest daily drop this year (-1.19% on July 12th), rare volatility for the dollar. Treasury yields declined in tandem with the dollar, leading the benchmark 10-year yield to a 4.48% intraday low, a sharp drop from the October 19 close at 4.991%, and its lowest since September 21st.

The dollar is mixed in trading today vs. the G10 in narrow overnight ranges. Treasury yields are higher in all tenors, with the biggest gain 0.063% in the 3-year.

U.S. equity indexes are trading higher at the open on continued momentum from Friday’s gains.

Oil prices are +1.34% today (and +1.97% YTD, a small net gain for such a volatile commodity). Gold is -0.35% at 1,985.82.

This week’s U.S. economic calendar features tomorrow’s Trade Balance, Wednesday’s Mortgage Applications, Thursday’s Initial Jobless Claims, and Friday’s Consumer Sentiment.

Economic Calendar

CAD - Ivey PMI
USD - FOMC Member Cook Speaks
AUD - MI Inflation Gauge m/m
NZD - ANZ Commodity Prices m/m
AUD - ANZ Job Advertisements m/m
JPY - BOJ Gov Ueda Speaks
EUR - German Factory Orders m/m
EUR - Spanish Services PMI
EUR - Italian Services PMI
EUR - French Final Services PMI
EUR - German Final Services PMI
EUR - Final Services PMI
EUR - Sentix Investor Confidence
GBP - Construction PMI
GBP - MPC Member Pill Speaks
EUR - German Buba President Nagel Speaks
USD - Loan Officer Survey
USD - FOMC Member Kashkari Speaks
JPY - Average Cash Earnings y/y
JPY - Household Spending y/y

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 149.837 149.201
eur/usd 1.07562 1.07186
gbp/usd 1.24284 1.23598
aud/usd 0.65227 0.64954
usd/cad 1.36667 1.36289
eur/gbp 0.86766 0.86499
usd/mxn 17.5831 17.4028
Equities and Commodities
S&P 500 4369.64
NASDAQ 15142.1
DOW 34102.9
GOLD 1986.81
SILVER 23.17

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.