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Date: 02.11.2026
Market Sentiment
November opens with a tentative recovery in technology sentiment, falling oil prices, and a busy manufacturing calendar. Investors are reassessing last week’s equity losses while awaiting further evidence that corporate spending can deliver sustainable returns. Lower crude prices offer some relief to inflation concerns, although Middle East supply risks remain unresolved. Currency markets are comparatively restrained ahead of U.S. manufacturing data, tomorrow’s American elections, and central-bank decisions later this week. Today’s main test is whether improving equity sentiment survives incoming activity figures, or whether persistent price pressures revive demand for the dollar and undermine the recovery.
Previous Session Recap
Friday’s S&P 500 fell 1.82% to 7,580.07, while the Nasdaq 100 dropped 3.46% to 28,384.85. EUR/USD finished near 1.1160. Gold closed around $3,885 and silver near $49.14.
Top Overnight Global Forex Headlines
- South Korean equities rebounded sharply as semiconductor shares recovered.
- Oil retreated as diplomatic efforts reduced some immediate supply anxiety.
- Gold and silver recovered after October’s substantial losses.
- European factory surveys precede the U.S. ISM manufacturing report.
Forex Focus of the Day
AUD/USD merits attention before the RBA decision, with manufacturing sentiment and global risk appetite shaping positioning today. Holding 0.7000 would preserve consolidation; reclaiming 0.7050 would strengthen recovery prospects. EUR/GBP provides a separate comparison of today’s European and British factory reports, while GBP/AUD combines the manufacturing theme with positioning before both countries’ central-bank decisions. U.S. ISM prices and employment components could be as consequential as the headline.
Key Economic Events
| Time (GMT) | Event | Currency | Impact |
|---|---|---|---|
| 09:00 GMT | Euro area final manufacturing PMI | EUR | Medium |
| 09:30 GMT | UK final manufacturing PMI | GBP | Medium |
| 14:30 GMT | Canada manufacturing PMI | CAD | Medium |
| 14:45 GMT | U.S. final manufacturing PMI | USD | Medium |
| 15:00 GMT | U.S. ISM manufacturing; construction spending | USD | High |
Major Forex Currency Outlooks
Prices are indicative morning observations, not synchronized dealing quotes. Biases describe conditional intraday scenarios.
| Pair | Price | Bias | Main Driver |
|---|---|---|---|
| EUR/USD | 1.1172 | Range-bound | European factories; U.S. ISM |
| GBP/USD | 1.3388 | Cautiously firm | UK PMI; BoE positioning |
| USD/JPY | 157.91 | Firm | Yield outlook; risk recovery |
| USD/CAD | 1.3984 | Supported | Oil decline; Canadian PMI |
| AUD/USD | 0.7024 | Cautious | RBA positioning; Asian sentiment |
| NZD/USD | 0.5617 | Soft | Regional risk; dollar demand |
| EUR/GBP | 0.8343 | Consolidating | Relative manufacturing performance |
| GBP/AUD | 1.9042 | Balanced | UK activity; RBA positioning |
Energy & Commodities Watch
External references use dollars per barrel for oil, per MMBtu for December Henry Hub gas, and per troy ounce for spot metals. Oil remains sensitive to diplomatic headlines; metals’ rebound has yet to repair the broader technical damage.
| Instrument | Price | Bias | Main Driver |
|---|---|---|---|
| USOIL, WTI Crude Oil | $102.37 | Corrective | Earlier futures snapshot; diplomacy |
| UKOIL, Brent Crude Oil | $109.82 | Bearish intraday | Supply premium retreats |
| NGAS, Natural Gas | $2.927 | Consolidating | December futures; mild-weather pressure |
| Gold | $3,910.50 | Recovery attempt | Lower oil; post-selloff stabilization |
| Silver | $50.16 | Recovery attempt | Rebound from depressed levels |
Indices & Large-Cap Stocks Watch
KOSPI’s rebound exceeds 2%, making Korea a priority. Taiwan remained softer, while Hong Kong advanced modestly and European futures showed limited gains. U.S. technology futures recovered, but Friday’s cash close remains the reference below. External benchmark inclusion does not establish LMFX availability.
| Instrument | Price | Bias | Main Driver |
|---|---|---|---|
| KOSPI | 5,859.08 | Rebounding | Semiconductor recovery; 2.2% gain |
| Nasdaq 100 | 28,384.85 | Fragile recovery | Friday close; earnings scrutiny |
Key Market Technical Zones
Levels combine published chart references, observed ranges, and rounded monitoring thresholds. Rounded thresholds require confirmation through sustained price action.
| Instrument | Support | Resistance | Key Condition |
|---|---|---|---|
| EUR/USD | 1.1136 | 1.1210 | Break higher improves recovery |
| GBP/USD | 1.3363 | 1.3437 | Support preserves constructive bias |
| USD/JPY | 157.50 | 158.00 | Break higher extends rebound |
| USD/CAD | 1.3968 | 1.3995 | Resistance break strengthens dollar |
| AUD/USD | 0.7000 | 0.7050 | Hold support for stabilization |
| NZD/USD | 0.5600 | 0.5635 | Support loss renews pressure |
| EUR/GBP | 0.8326 | 0.8350 | Range break clarifies direction |
| GBP/AUD | 1.9018 | 1.9079 | Resistance reclaim favors sterling |
| USOIL, WTI Crude Oil | $100 | $104 | Support loss deepens correction |
| UKOIL, Brent Crude Oil | $109 | $112 | Resistance caps recovery attempts |
| NGAS, Natural Gas | $2.893 | $2.939 | Observed-range break sets direction |
| Gold | $3,885 | $3,975 | Resistance reclaim strengthens rebound |
| Silver | $49.14 | $51 | Hold support for recovery |
| KOSPI | 5,730 | 6,000 | Resistance reclaim improves confidence |
| Nasdaq 100 | 28,000 | 29,000 | Reclaim resistance for stabilization |
Trader’s Takeaway
The recovery remains vulnerable to inflation signals and earnings anxiety. Watch ISM at 15:00 GMT, AUD/USD’s 0.7000 support, and gold’s $3,975 resistance for confirmation.
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