The US Dollar (USD) extended its advance for a second week, firming in the latter part of the period as the market absorbed US midterm election results. The rebound contrasted with a pullback in US Treasury yields and a drop in crude oil prices tied to hopes of a possible end to the Middle East conflict. The US Dollar Index (DXY) returned above 102.00 and pushed higher, supported by stronger-than-expected October US Nonfarm Payrolls. The US calendar runs from the NY Fed Consumer Inflation Expectations on 9 November through Wholesale Inventories, the NFIB Business Optimism Index and ADP Employment Change, Inflation Rate and an API update on crude inventories on 10 November, then MBA Mortgage Applications on 11 November. Initial Jobless Claims, Existing Home Sales and an EIA report on crude stockpiles follow on 12 November, before Producer Prices on 13 November.
In G10, EUR/USD briefly moved beyond 1.1270 but ended below 1.1200; Germany releases Balance of Trade on 9 November and final Inflation Rate on 11 November, while the EMU publishes Balance of Trade, Q3 Employment Change, and the second estimate of Q3 GDP Growth Rate on 13 November. GBP/USD stalled near 1.3500 and finished under 1.3400, with UK releases including BRC Retail Sales Monitor on 10 November and, on 12 November, RICS House Price Balance plus preliminary Q3 GDP Growth Rate, Business Investment, Balance of Trade, Construction Orders/Output, Industrial/Manufacturing Production and the NIESR Monthly GDP Tracker. USD/JPY reclaimed 158.00; Japan schedules Coincident and Leading Economic Indexes (9 November), Household Spending, Current Account, Bank Lending and Eco Watchers (10 November), Reuters Tankan and Machine Tool Orders (11 November), Foreign Bond Investment (12 November) and Producer Prices. AUD/USD slid to around 0.6850; Australia’s diary includes Building Permits and Private House Approvals (9 November), Westpac Consumer Confidence and NAB Business Confidence (10 November), Home Loans and Investment Lending for Homes (11 November), and Melbourne Institute Consumer Inflation Expectations (12 November). Central bank communications span BoE, Fed, ECB and BoJ speakers across 9–14 November, and the BoJ Summary of Opinions is due on 10 November.
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