USD Jumps on Strong Payrolls

“The goal of a successful trader is to make the best trades. Money is secondary.” - Alexander Elder

 

 

HEADLINES

 

 

• Strong U.S. payrolls brighten economic outlook; millions still missing from workforce
• Dollar soars to more than 1-year high after jobs data, then pulls back
• Oil Ends Week Lower, But Reclaims $80 on Bets Supplies to Remain Tight
• Gold Up, Set for Weekly Gain as Investors Digest Latest Central Bank Policies
• Wall St books records, weekly gains on strong jobs report, Pfizer COVID-19 pill cheer
• Musk asks Twitter followers whether he should sell 10% of Tesla stock
• GBP/USD: Break below 1.34 to clear the way for a major fall to 1.30 – Scotiabank

 

 

FOREX

 

 

Strong U.S. payrolls brighten economic outlook; millions still missing from workforce

 

U.S. employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter.

 

Dollar soars to more than 1-year high after jobs data, then pulls back

 

The dollar jumped on Friday to hit its highest level in more than a year, after data showed stronger U.S. job growth than expected in October, but retreated a bit in late trading as risk appetite improved and stocks rallied.

Nonfarm payrolls increased by 531,000 jobs last month, above the 450,000 forecast, as the latest surge in COVID-19 infections subsided. August and September data were revised upward to show an additional 235,000 jobs created over those months.

 

 

COMMODITIES

 

 

Oil Ends Week Lower, But Reclaims $80 on Bets Supplies to Remain Tight

 

Crude settled higher Friday, as bullish bets resumed amid expectations major oil producing nations will continue to allow surging oil prices to go unchecked after voting to keep production steady earlier this week.

On the New York Mercantile Exchange crude futures for January delivery gained 2.46 to settle at $81.27 a barrel, while on London’s Intercontinental Exchange (NYSE:ICE), Brent added $2,2 to settle at $82.74 a barrel.

 

Gold Up, Set for Weekly Gain as Investors Digest Latest Central Bank Policies

 

Gold was up on Friday morning in Asia and was poised for a weekly gain. Investors also digested recent policy decisions from the Bank of England (BOE) and U.S. Federal Reserve.

The BOE kept its interest rate steady at 0.10% as it handed down its decision on Thursday. The move came as a surprise to investors, who had bet that BOE would be one of the first key central banks to hike interest rates since the outbreak of COVID-19.

 

 

STOCKS

 

 

Wall St books records, weekly gains on strong jobs report, Pfizer COVID-19 pill cheer

 

Wall Street's main indexes scored record closing highs on Friday and booked solid gains for the week following a strong U.S. jobs report and positive data for Pfizer's experimental pill against COVID-19. The S&P 500 and the Nasdaq notched record high closes for their seventh straight sessions, while the Dow Jones Industrial Average also closed at a record. All three indexes posted weekly gains for their fifth straight weeks.

 

Musk asks Twitter followers whether he should sell 10% of Tesla stock

 

Tesla Inc Chief Executive Elon Musk on Saturday asked his 62.5 million followers on Twitter in a poll if he should sell 10% of his Tesla (NASDAQ:TSLA) stock. The world's richest person had previously said he could face a "massive" tax bill this year as he has to exercise a large number of stock options coming due next year.

 

 

ANALYSIS

 

 

GBP/USD: Break below 1.34 to clear the way for a major fall to 1.30 – Scotiabank

 

“Cable is on track to test the 1.34 mark to a new low since last December amid sharp selling since its failed to push above 1.38 last week.” 

“Beyond 1.34, there are no obvious support markers for the GBP until the 1.30 zone aside from its 100 and 200-week MAs at 1.3282 and 1.3167, respectively.”

“Resistance is intermediate around 1.3450 followed by firm at 1.3500/10 and the mid-1.35s zone.”

 

 

CHART

 

 

Silver - 4 Hour Candlesticks

 

Source: GKFX Prime Metatrader 4

XAG/USD held previous resistance as support at 23.0 and has moved above 24.0. Major resistance is at 24.8 from the September and October highs - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.investing.com/news/commodities-news/oil-ends-week-lower-but-reclaims-80-on-bets-supplies-to-remain-tight-2670203
https://www.investing.com/news/stock-market-news/musk-asks-followers-on-twitter-whether-he-should-sell-10-of-his-tesla-stock-2670564
https://www.investing.com/news/commodities-news/oil-ends-week-lower-but-reclaims-80-on-bets-supplies-to-remain-tight-2670203
https://www.reuters.com/business/sp-nasdaq-futures-scale-new-heights-earnings-bullishness-2021-11-05/
https://www.reuters.com/business/autos-transportation/musk-should-sell-10-his-tesla-stock-twitter-users-say-2021-11-07/