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DailyFX US AM Digest: US Dollar Slips  on Mixed October Jobs; Canadian Dollar Gains

DailyFX US AM Digest: US Dollar Slips on Mixed October Jobs; Canadian Dollar Gains

Research, Research Team

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The US Dollar traded back towards its weekly lows following a mixed batch of US jobs data this morning. The October US Nonfarm Payrolls report showed the economy gained +261K jobs and the unemployment rate fell to 4.1%, but these figures, among others, were considered disappointing relative to otherwise high expectations (+313K expected). Released alongside the US jobs figures was its Canadian counterpart, which was overall better than consensus forecasts per Bloomberg News (+35.3K vs +15K expected); USD/CAD was quick to move to weekly lows. Earlier, the British Pound took a leg up earlier on the back of improved October UK Markit PMI readings, helping offset weakness from yesterday’s Bank of England policy meeting.

DailyFX Economic Calendar: Friday, November 3, 2017 – North American Releases

DailyFX US AM Digest: US Dollar Slips  on Mixed October Jobs; Canadian Dollar Gains

The North American economic docket is lighter the rest of the way, but there are still a few meaningful data releases left – all of which come from the United States. At 10 EDT/14 GMT the October US ISM Services/Non-Manufacturing index will be released, providing insight into growth trends for the largest part of the economy at large – the service sector accounts for roughly two-thirds of all jobs in America. Released alongside the ISM report will be September US Factory Orders and the final September US Durable Goods Orders report.

DailyFX Webinar Calendar: Monday, November 6, 2017

DailyFX US AM Digest: US Dollar Slips  on Mixed October Jobs; Canadian Dollar Gains

IG Client Sentiment Index Chart of the Day: Spot Gold

DailyFX US AM Digest: US Dollar Slips  on Mixed October Jobs; Canadian Dollar Gains

Learn more about the IG Client Sentiment Index on the DailyFX Sentiment page

Spot Gold: Retail trader data shows 81.1% of traders are net-long with the ratio of traders long to short at 4.29 to 1. The number of traders net-long is 3.1% higher than yesterday and 0.6% lower from last week, while the number of traders net-short is 7.9% lower than yesterday and 10.8% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Spot Gold prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Spot Gold-bearish contrarian trading bias.

Five Things Traders are Reading

  1. “US Dollar Nudged Lower by Mixed October US Jobs Report” by Christopher Vecchio, CFA, Senior Currency Strategist
  2. “Trading Outlook: NFPs, DXY, EUR/USD, GBP/USD, Gold Price & More” by Paul Robinson, Market Analyst
  3. “Preview for October NFPs and Outlook for the US Dollar” by Christopher Vecchio, CFA, Senior Currency Strategist
  4. “Pound Steadies as PMI Jump Eases Concerns About the UK Economy” by Martin Essex, MSTA, Analyst and Editor
  5. “EUR/USD Technical Analysis: Topping Pattern Remains Valid” by Ilya Spivak, Senior Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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