US non-farm payrolls surprise to the upside moving USD higher
Cate Camerota " | November 1, 2019
This morning, US October non-farm payrolls were released at 138k vs. the expectation of 85k. The US dollar reversed losses this week after hitting lowest levels in over three months. The Bank of Canada announced rate decision Wednesday to keep rates on hold. The Conservative Party in the UK leads the polls for the upcoming election supporting GBP/USD.
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November 1, 2019
EUR/USD 1.115 GBP/USD 1.2946 USD/CAD 1.3177 AUD/USD 0.6902 USD/JPY 108.09 USD/CNH 7.0445 USD/ILS 3.5252 USD/MXN 19.1269 USD/CHF 0.9877 USD/INR 70.8100
USD rebounded from lowest level in over three months following data out of China that showed PMI figures higher than expected. US non-farm payrolls also surprised to the upside supporting the US dollar.GBP
Sterling heads for a weekly gain as the Conservative party leads in the polls for December’s election. The currency is on track for a weekly gain of over 1%. Nigel Farage is due to speak later Friday to launch the Brexit Party campaign.EUR
The EUR continues to maintain its strength against the USD despite the Fed’s announcement that the central bank was done with cutting rates for now. This signals that market drivers have shifted from monetary policy to global sentiment. The currency has gained almost 1% against the greenback this week.CAD
Wednesday’s Bank of Canada meeting resulted in the central bank holding rates and announcing a downgrade in growth forecasts. CAD rose as much as 0.9% on the news. The Canadian dollar reversed its gains following US non-farm payrolls this morning. While WTI crude oil prices strengthened slightly this morning, the commodity is on track for a 3% loss this week.ASIA/PACIFIC
USD/JPY largely unchanged after hitting a three-week low of 107.89. China PMI was released higher than expected at 51.7 vs. the estimate of 51.0. Aussie Dollar and New Zealand Dollar were supported by this data release. AUD/USD rallied over 2% for the month of October, the most since January.