Central bank speeches in the spotlight

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This is what you need to know to trade today Monday, November 8:

The US dollar DXY index moved away from the 2021 high it set at 94.62 on Friday, but managed to close for the second week in a row in positive territory, supported by the upbeat NFP jobs report for October. In the absence of high-level macroeconomic data releases, markets began the new week quietly and investors will keep a close eye on speeches from central banks on Monday. FOMC President Jerome Powell he will deliver opening remarks at a virtual conference entitled “Conference on Gender and the Economy”. New York Federal Reserve Chairman John Williams, Fed Vice Chairman Richard Clarida, Fed Governor Bowman and the Governor of the Bank of England (BoE), Andrew Bailey, They will also speak later in the day.

On Friday, the US Bureau of Labor Statistics announced that NFP nonfarm payrolls increased by 531,000 in October, beating the market expectation of 425,000. The major Wall Street indices ended the week at new all-time highs, but US stock index futures are losing 0.15% to 0.35% at the start of the European session on Monday. Meanwhile, the 10-year US Treasury yield, which lost almost 10% in the second half of the week, is trying to bounce back to 1.5%. Late on Friday, US Democrats passed a $ 1 trillion infrastructure bill.

The EUR/USD appears to have entered a consolidation phase slightly above 1.1550 after falling towards 1.1500 on Thursday. Sentix Investor Confidence for November Stakes on the European Economic Calendar.

The GBP/USD it suffered heavy losses following the BoE’s decision to leave its monetary policy rate unchanged last week. In an interview with Bloomberg TV, Governor Bailey said that it is not his job to guide the financial markets on interest rates. With the BoE event out of the way, investors will divert their attention to the news surrounding the Brexit talks.

The USD/JPY closed lower amid falling US Treasury yields in the second half of the prior week and remain relatively quiet around 113.50 on Monday. The Bank of Japan’s “Summary of Opinions” from its October monetary policy meeting showed that the recent weakness of the JPY was a reflection of the differential in inflation and the monetary policy stance between Japan and other countries.

The oro It capitalized on falling US bond yields and broke above several key resistance levels to end the week at its strongest since early September near $ 1,820. The XAU / USD looks to extend its rally as technical indicators point to a bullish shift in the short-term outlook.

Cryptocurrencies: After a two-week consolidation phase above $ 60,000, the Bitcoin it regained its traction and broke above $ 65,000 on Monday. The all-time high for BTC is at $ 67,000. Meanwhile, the Ethereum it retains its bullish momentum at the beginning of the week and is trading above $ 4,700.

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