• Markets trade cautiously into the US NFP report
• UK October final manufacturing PMI 49.9 vs. 50.3 prelim
• Japan opposition party chief: BoJ should not raise interest rates for at least half a year
• Switzerland October manufacturing PMI 49.9 vs 49.8 expected
• Israel at ‚high level of readiness‘ for Iranian attack – report
• Swiss October retail sales 2.2% vs. 2.5% y/y expected
• Switzerland October CPI +0.6% vs +0.8% y/y expected
• UK October Nationwide house prices +0.1% vs +0.3% m/m expected
• What is the distribution of forecasts for the US NFP?
• BoJ Quarterly Outlook Report: Rise in minimum wage could push up services prices
• What are the main events for today?

Markets:

• GBP leads, CHF lags on the day
• European equities higher;
  S&P 500 futures up 0.39%
• US 10-year yields flat at 4.289%
• Gold
  up 0.30% to $2,752
• WTI
  crude up 2.12% to $70.73
• Bitcoin
  down 0.19% to $70,088

It’s been a rather slow session in terms of data releases. The main highlight was the Switzerland CPI report which missed expectations by a big margin and will likely lead the SNB to cut by 50 bps in December.

In FX, we had some mixed moves. The US Dollar is up a bit against the commodity currencies but down against the GBP. In fact, the GBP has been recovering some ground from yesterday’s selloff, although we haven’t got any catalyst for today’s bounce.

In the equities space, the risk sentiment is tentatively positive with US and European markets up on the day. Overall, there’s been a rangebound price action in the last couple of weeks as we await the US election on Tuesday.

The bond markets are basically flat on the day. The biggest movers have been the UK’s bonds after the budget announcement but it looks like they stabilised.

The focus will now switch to the US data in the American session as we get the NFP and the ISM Manufacturing PMI. As a reminder, this is going to
be a tricky report given the distortions from hurricanes and strikes in
October. Thankfully, the market and the Fed are unlikely to care that much given the distortions and the focus
on the US election on Tuesday.

Therefore, I
expect a weak report to be „forgiven“, while a strong one would just
confirm that the labour market is still doing good and add to the
expectations that the Fed might be forced to pause its easing cycle
earlier than expected in 2025.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

Overall, it wouldn’t have been a pretty slow session if it wasn’t for the Swiss Franc selloff following the big miss in the Swiss CPI report. The market should now start to look for a 50 bps cut from the SNB in December as inflation is much lower than their latest forecasts which saw the CPI ending the year at 1.2%.

The US Dollar is mixed on the day with small gains against the commodity currencies.The British Pound is showing some life after yesterday’s selloff although there’s wasn’t any catalyst for the bounce.

The focus remains on the US elections as real money will likely want to wait for the result. Today’s NFP report is not going to change much for the market. Weak data will likely be faded due to expected distortions, while a strong reading should reaffirm the market’s view that the Fed might pause earlier than expected in 2025.

I still see the Fed cutting by 25 bps in November and December, although the Fed might deliver a hawkish cut in December if we get Trump.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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About CreationNetwork.ai

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This article was written by FL Contributors at www.forexlive.com.

Flipster, a global crypto derivatives exchange, has
announced a collaboration with BNB Chain, a community-driven blockchain
ecosystem, to offer fee-free withdrawals, aiming to democratize access to
cryptocurrency trading.

This collaboration builds on Flipster’s existing zero-fee
trading model, aligning with both Flipster and BNB Chain’s shared mission to
make cryptocurrency trading more user-friendly and cost-effective. By backing
BNB Chain’s gas-free withdrawals initiative, Flipster users will be able to
transact with ease and capitalize on market movements effectively while
avoiding hidden fees and slippage.

CEO of Flipster, commented, “We’ve always been focused on
building an inclusive and user-centric environment to enhance the trading
experience for our users. Collaborating with BNB Chain on fee-free withdrawals
is a natural step toward advancing our shared vision of opening up crypto
trading to the masses. We are committed to fostering a thriving ecosystem where
digital assets are easily accessible to everyone.“

Beyond bridging the gap between traditional finance and
crypto, Flipster aims to explore further synergistic initiatives that
accelerate crypto adoption. This includes fostering connections within the
ecosystem, providing seamless entry into the market, and enhancing the overall
trading experience, to encourage greater participation in the ecosystem.

Gala Wen, Director of Ecosystem Development at BNB Chain,
added „Collaborating with Flipster to provide gas-free withdrawals is a
key part of our ongoing efforts to lower barriers to entry in the crypto
market. By removing withdrawal fees, we empower more users to engage with
digital assets and expand access to cryptocurrency, aligning with BNB Chain’s
mission to onboard the next billion users into Web3. We look forward to
exploring further initiatives with Flipster to enhance user empowerment.”

Flipster’s platform is designed for rapid trade execution,
deep liquidity, and zero trading fees. With the integration of BNB Chain’s
fee-free withdrawals, users can withdraw stablecoins without incurring
additional costs until the end of the month.

Processing over $10 billion in monthly trading volume and
serving over a million users, more than 98% of asset deposits and withdrawals
on Flipster are stablecoins, making the zero-fee withdrawal offering on BNB
Chain even more valuable for users looking to maximize their returns.

For more information about the campaign, please refer to
Flipster’s blog.

About BNB Chain

BNB Chain is a community-driven blockchain ecosystem that is
removing barriers to Web3 adoption. It is composed of:

·
BNB Smart Chain (BSC): A secure DeFi hub with
the lowest gas fees of any EVM-compatible L1; serves as the ecosystem’s
governance chain.

·
opBNB: A scalability L2 that delivers the lowest
gas fees of any L2 and rapid processing speeds.

·
BNB Greenfield: Meets decentralized storage
needs for the ecosystem and lets users establish their own data marketplaces.

Setting a high bar for security, the AvengerDAO community
protects BNB Chain users while Red Alarm provides a real-time risk-scanner for
Dapps. The ecosystem also offers a range of monetary and ecosystem rewards as
part of its Builder Support Program.

About Flipster

Flipster (https://tinyurl.com/) is a crypto derivatives
exchange known for its lightning-fast perpetual futures listings, zero trading
fees, high liquidity, and rapid trade executions. The easy-to-use platform
provides users with an all-in-one trading experience with leverage of up to 100x
on over 250 tokens, supporting traders globally in capitalizing on market
opportunities. For media enquiries or interview requests with the team, please
reach out to pr@flipster.io.

This article was written by FL Contributors at www.forexlive.com.

• Final Manufacturing PMI 49.9 vs. 50.3 expected and 51.5 prior.

Key findings:

• Manufacturing PMI at 49.9 in October.
• Reduced new order intakes rein in output growth.
• Input price inflation eases sharply.

Comment:

Rob Dobson, Director at S&P Global Market Intelligence:

“UK manufacturing started the final quarter of the year
on an uncertain footing amid speculation on government
policies ahead of the Budget, which was widely reported
to have led to a wait-and-see approach on investment
and spending. This domestic headwind, combined with an
ongoing loss of export business, led to the first outright
contraction in new work intakes since April.

Output growth
came close to stalling as a result.
The generally lacklustre environment was also reflected
in the headline PMI slipping below its neutral 50.0 mark
and business optimism hovering only slightly above
September’s nine-month low.
There was better news on the price front. Input cost
inflation fell to a ten-month low, easing to one of the
greatest extents in the 33-year survey history.

Selling
price inflation also moderated. This may provide some
headroom for policy makers to support growth if demand
weakens.
The November PMI will be especially keenly anticipated
to see the near-term impact of the Budget on business
conditions and in particular the effect on confidence.”

This article was written by Giuseppe Dellamotta at www.forexlive.com.