The dollar slips to its lowest since September, gold holds above $4,100 and US payrolls follow the Bank of England
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Forex news today centres on US payrolls, after the dollar slid to its lowest level since September and gold held above $4,100. The midterm result pulled Treasury yields and oil lower, sterling climbed for a seventh session into the Bank of England decision, and the yen firmed after the Bank of Japan minutes.
Below: the dollar and yields, gold, the pound and the BoE, oil, and a short timetable for the jobs report with ET alongside UK time. Levels for gold and the majors appear in the free Forexuro Telegram channel each trading day.
Free on Telegram. Gold, pound and dollar levels around payrolls, with entry, stop and three targets.
The dollar after the midterm result
The dollar index fell 0.22% to 101.25 on Thursday, extending a 0.34% slide on Wednesday and touching its lowest level since 30 September, Reuters reported. The euro rose to $1.1261 and the yen strengthened to 157.95 per dollar after minutes from the Bank of Japan's September meeting supported bets on further rate rises. The 10 year Treasury yield eased to 4.847%, its lowest since 10 September.
The move did not change Fed pricing much. CME FedWatch showed an 80.7% chance of a Fed rate rise in December, up from 77.4% the day before. On our price feed at 08:00 UK time on Thursday, EUR/USD traded near 1.1242 and USD/JPY near 158.21. Our report on the midterm result covers Wednesday's first reaction.
Gold above $4,100
Spot gold rose 1.9% to $4,134.83 an ounce by 03:16 UK time on Thursday, its highest since 22 October, after a 3.4% gain on Wednesday that was its biggest daily rise since 19 August, Reuters reported via CNBC. Citi set a zero to three month target of $4,500. Gold traded near $4,122 on our feed at 08:00 UK time.
Lower yields and a softer dollar tend to support gold, while a strong jobs number would test that. Our guide to what moves the gold price explains the link with real yields. Session levels are on gold today.
Forex news today: the pound, the BoE and oil
Sterling rose about 0.1% to $1.3487 on Thursday morning, on track for a seventh straight daily rise, after touching $1.35025 on Wednesday, its highest since 15 September, Reuters reported. The Bank of England was widely expected to raise Bank Rate by a quarter point to 4% at 12:00 UK time on Thursday, the first rise since August 2023. Ebury expected a 7 to 2 vote. Our BoE preview set out the options before the meeting.
Brent crude dropped below $100 a barrel on Wednesday for the first time since early October, Bloomberg reported, as the risk of strikes on Iran was played down after the election. Lower oil eases part of the inflation pressure that pushed central banks to tighten this year.
US payrolls timetable
The October jobs report comes out on Friday 6 November at 13:30 UK time (8:30am ET), with Canada's jobs data at the same minute. The Dow Jones consensus is 59,000 new jobs, while Reuters and FactSet forecasts sit at 65,000, Morningstar reported. Unemployment is expected at 4.2% and average hourly earnings at 0.3% on the month. ADP private payrolls rose 86,000 in October.
| Release | UK time | ET |
|---|---|---|
| US nonfarm payrolls, October | Fri 6 Nov, 13:30 | 8:30am |
| Canada Labour Force Survey, October | Fri 6 Nov, 13:30 | 8:30am |
| US CPI, October | Tue 10 Nov, 13:30 | 8:30am |
The economic calendar lists every release with UK times. Every closed gold trade, wins and losses alike, is on the gold signal results page, and you can price a stop with the gold pip value calculator.
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Official sources
Official pages for the decisions, data and schedules behind this report.
- US Bureau of Labor Statistics release schedule, employment report dates
- Bank of England MPC dates, decision timetable
- CME FedWatch, Fed rate probabilities
Frequently asked questions
Why did the dollar fall this week?
The dollar index dropped to 101.25, its lowest since 30 September, as the US midterm result pulled Treasury yields and oil prices lower.
What time are US payrolls on 6 November 2026?
13:30 UK time, which is 8:30am ET. Canada's jobs report comes out at the same time.
Where was gold on Thursday 5 November?
Spot gold reached $4,134.83 an ounce early on Thursday, its highest since 22 October, and traded near $4,122 on our feed at 08:00 UK time.
Sources
- Reuters via CNA: Dollar slides as US election drives oil and Treasury yields lower
- Economy Middle East: Dollar index falls to 101.25
- Reuters via CNBC: Gold hits two week high
- Reuters via Devdiscourse: Sterling set for seventh daily rise
- Bloomberg via Moneycontrol: Gold extends rebound above $4,100
- Morningstar: October jobs report preview
- Data for the charts: XAU/USD and EUR/USD hourly spot prices as stored on Forexuro.
Keep reading
Economic calendar · Gold today · Central banks table · XAU/USD signal results