US dollar is falling against most majors. Today, investors are waiting for the publication of data on the US labor market (14:30 GMT+2). The Unemployment Rate is expected to remain unchanged on the level of 3.7% in October. Nonfarm Payrolls are expected to grow to 193K in October from 134K a month earlier. ADP Employment Change published this week showed an increase to 227K in October from 218K a month earlier, which is a sign that today's labor market data will be positive. The ADP indicator is considered to be the leading indicator to the official state indicator of nonfarm payrolls.

Also, investors will pay attention to the data on the growth rate of wages. It is expected that on a monthly basis the average hourly earnings will drop to 0.2% in October from 0.3% a month earlier. On an annual basis the indicator is expected to grow to 3.1% in October from 2.8% a month earlier.

EUR/USD

The pair EUR/USD demonstrates positive dynamics and has risen to the level of 1.1413. Support for the instrument is provided by positive news regarding Brexit. According to British media reports, Prime Minister Theresa May managed to reach preliminary agreements on maintaining access to the European financial market for British companies after the UK leaves the EU. Today, investors are waiting for the publication of data on Markit Manufacturing PMI (12:00 GMT+2). The indicator is expected to remain unchanged at the level of 52.1 points in October.

GBP/USD

The GBP/USD pair rose to 1.3000 during the Asian session. Support for GBP is provided by positive news regarding Brexit. Yesterday, the Bank of England left the interest rate unchanged at the level of 0.75%, but this could not have a significant impact on the rate of the instrument. Today, investors expect the publication of PMI Construction in the UK. The indicator is expected to fall to 52.0 points in October from 52.1 points a month earlier. If the forecast proves right, the pair may fall under pressure.

USD/JPY

The USD/JPY pair rose to 112.98 during the Asian session. Due to the absence of macroeconomic releases from Japan, the movement of the pair's exchange rate will be affected by US statistics.

AUD/USD

During the Asian trading session, the quotes of AUD/USD went up to 0.7241. The instrument strengthens against the backdrop of heterogeneous statistics from Australia. In quarterly terms, the Producer Price Index rose to 0.8% in Q3 2018 from 0.3% in the previous period, while in annual terms, the increase was 2.1% in the same period from 1.5% in the previous quarter. On a monthly basis, retail sales dropped to 0.2% in September from 0.3% a month earlier. QoQ, the indicator fell to 0.2% in September against 1.0% in the previous time period.

Gold

Quotes of gold show a positive trend having reached 1234.40.

Morning Market Review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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