Forex Today: Dollar under pressure, to keep on falling


Here is what you need to know Monday, November 4th:

  • An upbeat US employment report was offset by a poor ISM Manufacturing PMI, which indicated contraction in the sector for a second consecutive month. The dollar closed the day and the week with losses, with the EUR/USD a handful of pips away from its October high.
  • Weekend news showed that PM Johnson would abandon the threat of a no-deal Brexit in his Conservative Party’s election manifesto, but rather focus on getting Brexit done. Also, polls showed that Tories have a comfortable lead over Labour opposition, with most of those showing an advantage of over 10%. GBP/USD holding near 1.3000.
  • The US and China continued reporting progress in trade talks.
  • USDJPY depressed on dollar’s weakness, and despite the strong momentum in equities, with US indexes near record-highs.
  • Commodities finished the week with substantial gains, wit WTI around $56.00 and spot gold above $1.510.00.
  • Cryptocurrencies traded with a sour tone over the weekend, BTC/USD remained above $9.000.00.
  • Week to start in slow motion with Japan observing Culture Day
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