Forex news for North American trade on November 6, 2020:
- US October non-farm payrolls 638K vs 580K expected
- Canada net change in employment 83.6K vs 75.0K estimate
- Biden takes the lead in the vote count in Pennsylvania
- Kudlow: I think there will be a peaceful transfer of power
- US Sept consumer credit outstanding +$16.21B vs +$8.00B expected
- Baker Hughes oil rig count 226 vs. 221 last week
- Italy reports record virus cases at 37,809 but pace of growth slows
- McConnell: Economic recovery should temper the size of aid package
- Georgia Secretary of State says there will be a recount
- Canada October Ivey PMI 54.4 vs 54.3 prior
- US Sept wholesale sales +0.1% vs +1.1% expected
- CFTC commitments of traders: The EUR position is cut again
Markets:
- Gold up $3 to $1952
- US 10-year yields up 6 bps to 0.82%
- WTI crude oil down $1.37 to $37.43
- S&P 500 flat at 3509
- CHF leads, AUD lags
It was a wild week but the final session was a more-subdued affair as the slow count in the US continued in what looks like a march to victory for Biden. The jobs report didn't deliver much in terms of market moves but a Fox report saying Trump would admit defeat briefly led to a spike in risk assets. The market seemed to later conclude that was unlikely and it went back to where it was.
Sterling climbed on news that Johnson will speak with Von der Leyen on Saturday in what could be a sign of progress on a Brexit deal.
The dollar was weak early in the day but generally steadied itself after days of heavy selling.
