<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/china-reportedly-working-on-a-plan-to-scrap-covid-flight-suspensions-20221104/“>China reportedly working on a plan to scrap Covid flight suspensions</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/china-says-not-aware-of-report-that-it-is-preparing-to-end-covid-flight-suspensions-20221104/“>China says „not aware“ of report that it is preparing to end Covid flight suspensions</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/china-to-make-significant-changes-to-covid-policy-soon-says-former-government-expert-20221104/“>China to make significant changes to Covid policy soon, says former government expert</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/boes-pill-we-still-think-there-is-more-to-do-on-inflation-pressures-20221104/“>BOE’s Pill: We still think there is more to do on inflation pressures</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/boes-hauser-says-wait-and-see-on-gilt-sales-20221104/“>BOE’s Hauser says „wait and see“ on gilt sales</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-september-industrial-orders-40-vs-05-mm-expected-20221104/“>Germany September industrial orders -4.0% vs -0.5% m/m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-september-ppi-16-vs-17-mm-expected-20221104/“>Eurozone September PPI +1.6% vs +1.7% m/m expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-october-final-services-pmi-486-vs-482-prelim-20221104/“>Eurozone October final services PMI 48.6 vs 48.2 prelim</a></li></ul><p>Markets:</p><ul><li>AUD leads, USD lags on the day</li><li>European equities higher; S&P 500 futures up 0.7%</li><li>US 10-year yields up 3 bps to 4.154%</li><li>Gold up 1.3% to $1,650.68</li><li>WTI crude up 3.7% to $91.43</li><li>Bitcoin up 1.7% to $20,584</li></ul><p style=““ class=“text-align-justify“>European trading today was meant to be more of a placeholder session ahead of the US non-farm payrolls report later today. However, hope is a powerful thing as markets caught whiff of another China reopening headline and domestic stocks soared. The positive sentiment spilled over with US futures ticking higher while the dollar sagged across the board.</p><p style=““ class=“text-align-justify“>The greenback is under pressure against the commodity currencies in particular, with the aussie choosing to realign itself with Chinese stocks today. AUD/USD is up 1.4% to 0.6380, advancing from around 0.6340 in the handover from Asia. Meanwhile, USD/CAD is down 0.9% to 1.3620 and NZD/USD is up 1.1% to 0.5840 on the day currently.</p><p style=““ class=“text-align-justify“>The dollar’s sluggishness also sees EUR/USD up 0.5% to near 0.9800 while GBP/USD is up 0.4% to 1.1210 with the high earlier touching 1.1250 as the pound looked to try and claw back some of its post-BOE drop.</p><p style=““ class=“text-align-justify“>In the commodities space, gold is up over 1% as it bounces off the September and October lows to around $1,650 while oil is benefitting strongly from the China headlines as it is up nearly 4% to above $91.</p><p style=““ class=“text-align-justify“>Well, over to the US jobs report now.</p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>The key focus in markets today is on the US jobs report later but with regards to the Fed outlook, this is very much just the appetizer. Sure, labour market conditions are vital in reaffirming the Fed’s hawkish nod but the main course is still inflation numbers and we will only get that via the CPI data next week.</p><p style=““ class=“text-align-justify“>We’re still at a point where the playbook to the non-farm payrolls is rather straightforward, that being <a target=“_blank“ href=“https://www.forexlive.com/news/when-bad-news-is-good-news-20220726/“ target=“_blank“>bad news is good news</a>; vice versa. A hot report later will vindicate Powell’s hawkish remarks this week while a softer report will take some edge of that.</p><p style=““ class=“text-align-justify“>The dollar is weaker so far today and is holding on the softer side as equities are pushing higher in the run up to the data. In part, one can argue that markets are hopeful that we are moving somewhat towards a reopening trade with regards to China but it also looks like a bit part retracement to the post-Fed reaction.</p><p style=““ class=“text-align-justify“>In any case, the jobs report later will be one to dictate proceedings before the weekend so let’s see what that has to offer later today.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Hope to be able to talk more about gilt sales in the next week or two</li></ul><p style=““ class=“text-align-justify“>So far, they are sticking to the game plan but this is with regards to the temporary purchases made this year. As for QT in general, I still have reservations over how they will be able to keep with that as the economy enters into a deep recession next year.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Prior +5.0%</li><li>PPI +41.9% vs +42.0% y/y expected</li><li>Prior +43.3%; revised to +43.4%</li></ul><p style=““ class=“text-align-justify“>Another month, another rise in euro area producer prices. The details show a 2.6% increase in the energy sector, a 1.0% jump for non-durable consumer
goods, a 0.4% increase for capital goods and for durable consumer goods and a 0.1% tick higher for intermediate goods.</p>

This article was written by Justin Low at forexlive.com.

<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/dollar-extends-gains-as-post-fed-musings-continue-to-play-out-20221103/“>Dollar extends gains as post-Fed musings continue to play out</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-visco-italy-germany-spread-is-still-too-high-20221103/“>ECB’s Visco: Italy-Germany spread is still too high</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-lagarde-a-recession-wont-be-sufficient-to-tame-inflation-20221103/“>ECB’s Lagarde: A recession won’t be sufficient to tame inflation</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-panetta-we-need-to-bring-inflation-back-to-2-target-as-soon-as-possible-20221103/“>ECB’s Panetta: We need to bring inflation back to 2% target as soon as possible</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/ecbs-kazaks-rates-need-to-go-much-higher-20221103/“>ECB’s Kazaks: Rates need to go „much higher“</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-october-challenger-layoffs-3384k-vs-2999k-prior-20221103/“>US October Challenger layoffs 33.84k vs 29.99k prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/switzerland-october-cpi-30-vs-32-yy-expected-20221103/“>Switzerland October CPI +3.0% vs +3.2% y/y expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-october-final-services-pmi-488-vs-475-prelim-20221103/“>UK October final services PMI 48.8 vs 47.5 prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-september-unemployment-rate-66-vs-66-expected-20221103/“>Eurozone September unemployment rate 6.6% vs 6.6% expected</a></li></ul><p>Markets:</p><ul><li>USD leads, GBP lags on the day</li><li>European equities lower; S&P 500 futures down 0.9%</li><li>US 10-year yields up 8.2 bps to 4.187%</li><li>Gold down 1.1% to $1,617.01</li><li>WTI crude diwb 1.5% to $88.67</li><li>Bitcoin down 0.3% to $20,108</li></ul><p style=““ class=“text-align-justify“>It was a rather straightforward session, in which markets focused on digesting the aftermath of the Fed policy decision yesterday.</p><p style=““ class=“text-align-justify“>Powell’s hawkish message continued to reverberate and that saw the dollar pull higher, with broader market sentiment slumping as traders and investors stuck to the buy the dollar, sell everything else narrative again.</p><p style=““ class=“text-align-justify“>EUR/USD took a fall from 0.9820 to 0.9730 as the dollar ran hot in the session, with GBP/USD falling by over 1% from 1.1400 to 1.1230 as the pair loses altitude after having posted a solid run in the past two weeks. The BOE is in focus and could yet set off a further drop in cable, despite the already big move so far today.</p><p style=““ class=“text-align-justify“>Meanwhile, US futures pulled lower from a flattish start in European morning trade with S&P 500 futures now down 33 points, or 0.9%, as we look towards the Wall Street open later. That comes as Treasury yields also pull higher with 10-year yields up oer 8 bps to 4.187% on the day.</p><p style=““ class=“text-align-justify“>In turn, the mood is weighing on commodity currencies with the antipodeans bearing the brunt of the selling. AUD/USD is down a little over 1% from 0.6360 to 0.6280 while NZD/USD is also posting a similar size drop, down from 0.5830 to 0.5750 currently.</p><p style=““ class=“text-align-justify“>It looks like markets are reverting back to old habits and with the Fed not switching up the beat just yet, it is very much understandable. The US jobs report tomorrow will be another key risk event to see if the prevailing narrative will continue to go unimpeded before the weekend.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Prior 29.99k</li></ul><p style=““ class=“text-align-justify“>US-based employers announced 33,843 job cuts in October, a 13% increase from the previous month and 48% higher than the number announced in the same month last year. Of note, the job cuts in October were the highest in a single month since February 2021 when 34,531 job cuts were recorded. Challenger notes that:</p><p style=““ class=“text-align-justify“>“We are beginning to see more job cut activity in the fourth quarter, historically when the bulk of cuts occur, as companies finalize budgets and plans. Many companies are anticipating a downturn, and with a still-tight labor market and the Fed’s rate hikes, more cuts will be on the way as we enter 2023.”</p><p style=““ class=“text-align-justify“>/<a target=“_blank“ href=“https://www.forexlive.com/terms/u/us-dollar/“ target=“_blank“ id=“fddda8f4-d5f8-4ee4-8e34-3760ed062f3c_1″ class=“terms__main-term“>US Dollar</a></p>

This article was written by Justin Low at forexlive.com.

<p style=““ class=“text-align-justify“>Well, the good news at least is that markets aren’t getting too carried away in pricing in fragmentation risks. But considering that the spread remains elevated, the risk is still lingering. The ECB does have a new tool to deal with that and for now, markets are listening.</p>

This article was written by Justin Low at forexlive.com.

<p class=“MsoNormal text-align-start“><a target=“_blank“ href=“https://www.zulutrade.com/“ target=“_blank“>Z</a><a target=“_blank“ href=“https://www.zulutrade.com/“>uluTrade</a>, a Finvasia Group company, driven by the world’s largest community of social leaders in investments, has won the ‘Best Social Wealth Management Platform’ award at the Forex Expo Dubai 2022. ZuluTrade presented extremely informative insights and sessions on “Top user acquisition strategies for brokers and on how to scale your business with social trading and power of network effects.” </p><p class=“MsoNormal“>ZuluTrade was one of few booths to be visited by the Chief Guest, His Excellency Mr. Buti Saeed Al Ghandi (Director, Commercial Bank of Dubai & Vice-Chairman, DWTC).</p><p class=“MsoNormal“>The award marks a new milestone for ZuluTrade that has been championing the Social Trading and Investments industry for over 15 years. It is the 2nd consecutive award for the company in less than six months after it was awarded ‘Best Social Trading Solution’ at the Ultimate Fintech Awards in Cyprus earlier this year. </p><p class=“MsoNormal text-align-start“>The company has supported more than 2.5 million clients across 150 countries that have transacted over 2.5 trillion USD on its platform throughout the years. It is a multi-investment social trading platform that holds its head high on providing customer-focused investment solutions in the most transparent and trustworthy environment.</p><p class=“MsoNormal text-align-start“>“ZuluTrade has gone truly global since its inception in 2007 and is the oldest and most recognised brand in social wealth management. It has been unveiling new features and collaborations over the years that cater to both advanced and novice investors.” Tajinder Virk, Interim CEO of ZuluTrade gratefully remarked. “We cherish the gesture of being awarded the ‘Best Social Wealth Management Platform’ in one of the most competitive industry segments across Forex, Stocks, Cryptos, Commodities and Indices. </p><p class=“MsoNormal“>It is a testimony to our company’s relentless approach to providing the most innovative features and opportunities, and making investment easy and accessible to everyone. We are determined now more than ever to continue providing the best services to all our valued clients and partners.”</p><p>ZuluTrade Moving Ahead</p><p class=“MsoNormal“>ZuluTrade is steering ahead strongly under the leadership of Finvasia Group. Strengthening and expanding on its current capabilities, the company will soon launch ZuluTrade 2.0. The new platform will be a more engaging social investing platform with enhanced social and technology features. I</p><p class=“MsoNormal text-align-start“>t will empower the platform’s users with access to analysis, data, insights, and portfolio optimization tools that are typically available only to professional traders. ZuluTrade 2.0 will maintain its legacy of being both broker and platform neutral, so it has no conflict of interest with its investors. A variety of new asset classes added to ZuluTrade 2.0 will encourage more investors, leaders and brokers to join the platform whilst creating a conducive environment for them to grow their wealth.</p><p>About ZuluTrade</p><p class=“MsoNormal“>ZuluTrade is the largest broker agnostic social wealth management and copy trading platform in the world. It revolutionised copy trading by creating a “one of its kind” conflict free, socially driven, broker and platform agnostic social network in 2007. </p><p class=“MsoNormal“>Catering to both advanced and novice investors, Zulutrade offers the biggest database of signals and strategies currently available across the market. Investors can experience simplified Social Trading across multiple instruments including Forex, Stock CFD’s, Crypto CFD’s, Commodities and Indices.</p><p class=“MsoNormal“>ZuluTrade is authorized and regulated in the EU by Hellenic Capital and Market Commission (HCMC) and Financial Services Agency (FSA) in Japan. Its parent company, Finvasia Group, has entities across the globe that are regulated/registered with over 30 regulatory bodies in various capacities.</p><p class=“MsoNormal text-align-start“>To find out more, reach out to <a target=“_blank“ href=“mailto:marketing@zulutrade.com“ target=“_blank“>marketing@zulutrade.com</a></p>

This article was written by ForexLive at forexlive.com.

<ul><li>Prior -1.7%</li><li>Market index 200.1 vs 201.1 prior</li><li>Purchase index 160.5 vs 160.4 prior</li><li>Refinance index 386.7 vs 394.7 prior</li><li>30-year mortgage rate 7.06% vs 7.16% prior</li></ul><p style=““ class=“text-align-justify“>Another week, another slump in mortgage activity as high rates continue to weigh heavily on housing market conditions. The index is already at its weakest since 1997 and the Fed could inflict further pain on the market should it stick to its hawkish resolve today.</p>

This article was written by Justin Low at forexlive.com.