We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Bearish
More View more
Real Time News
  • The 10-year to 3-month Treasury yield curve has inverted again. Here is is overlaid with the $SPX and a 10-day (red) and 60-day (blue) correlation https://t.co/8V1EfN9lsA
  • Going live in 5 for today's #stockmarket webinar where we'll talk major levels and underlying fundamentals in the current $SPX rally Join here - https://t.co/rmwDACaTEA https://t.co/cruwUwyA8p
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.09% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.09% 🇦🇺AUD: -0.32% 🇬🇧GBP: -0.50% 🇯🇵JPY: -0.99% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wgWwdD5x3d
  • EU Trade Chief Hogan: - US-China Phase one trade deal is not likely to comply with WTO - EU to focus on assessing US-China Phase one trade deal for weeks more
  • RT @realDonaldTrump: Highest Stock Market In History, By Far!
  • #Gold: The next level of resistance at $1,611.5/oz. is close by and a break and close above here would suggest that gold has further to rally. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/NfPiDuavvB https://t.co/RMSNwzvkEh
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: France 40: 0.86% Germany 30: 0.81% US 500: 0.50% Wall Street: 0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/vIJlkMby5t
  • EU Trade Chief Hogan says US displaying more goodwill in discussions around trade - BBG $EUR
  • $USDJPY held back against the risk-on lift and Dollar bid as long as it could. Multi-year wedge resistance finally breaks with biggest single-day rally since Aug 19. If you are confident in risk-on, this is a late bloomer https://t.co/IEslLn5nuo
  • With all this talk about gold, #Silver has flown under the radar a little bit as it tests resistance around $18.30 $XAG https://t.co/yOnXW2r2rP
US Dollar Rises on Strong NFP Report

US Dollar Rises on Strong NFP Report

2019-11-01 12:33:00
Justin McQueen, Analyst
Share:

NFP Analysis and Talking Points

  • US Nonfarm Payrolls rose by 128k in October, above expectations of 89k; Prior month revised higher to 180k
  • US Average Hourly Earnings broadly in line with consensus

NFP Report Review

US Bureau of Labor Statistics reported total nonfarm payroll (NFP) employment expanded by a 128k jobs in October, beating expectations of 89k. Alongside this, the headline figure for the prior month saw an upward revision to 180k from 136k. Elsewhere, the unemployment rate saw 0.1ppt rise to 3.6%, matching consensus with the uptick associated with the increase in the labour force participation rate.

Wage Growth Remains Muted

The Fed focussed wage data missed analyst estimates on the monthly reading, which showed a 0.2% rise vs Exp. 0.3%, while the yearly at rose 3%. That said, with inflationary pressures remaining somewhat muted, this is likely to keep the Fed on a relatively cautious trail.

Market Response

The robust jobs reports saw a firmer US Dollar across the board, while US Treasury yields also edged slightly higher with the 10yr yield breaking above 1.7%. Consequently, gold prices dipped lower with the precious metal making testing $1500. However, eyes now turn towards the ISM Manufacturing PMI, which has in recent months sparked greater volatility than the NFP print.

ISM Manufacturing PMI Heatmap

US Dollar Rises on Strong NFP Report

USD Price Chart: 1-minute time frame (Intra-day)

US Dollar Rises on Strong NFP Report

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.