English
Oil suffers its steepest weekly fall in years, gold keeps a 5% weekly gain and the dollar waits for Tuesday's US CPI
Gold signals explained: how our gold signals work · every closed gold signal
Forex news today, before the Sunday reopen, is led by oil: US crude fell 12.35% last week, its worst week in years, while gold held a 5% weekly gain. The dollar finished firm after Friday's strong jobs report, and Tuesday's US inflation data is the next big test.
Below: why oil fell so hard, where gold and the major currencies closed on our price feed, what the latest futures positioning shows, and the dates for the week ahead in UK time with ET in brackets. Levels for gold and the majors appear in the free Forexuro Telegram channel every trading day.
Free on Telegram. Gold and dollar levels for CPI week, with entry, stop and three targets.
Oil's steepest weekly fall in years
West Texas Intermediate closed the week at $89.46 a barrel against $102.06 a week earlier, a fall of 12.35%, Borearis reported in its weekly recap. Brent was on track to lose about 16% for the week, its steepest weekly decline since the start of the Covid pandemic, Global Market Gateway reported, even though both contracts edged up on Friday.
The main driver was hope of calmer conditions in the Gulf. The Democratic Party's gains in the US midterm elections raised expectations of easing tension involving Iran and more crude exports from the region. Risk has not gone away: attacks on vessels in the Gulf and the Strait of Hormuz continued, and a Greek ship manager reported that a seafarer was killed in an explosion aboard an oil products tanker on 5 November. Cheaper oil matters for currencies because it eases the inflation pressure that pushed the Bank of England to raise rates on Thursday.
Gold ends a 5% week near $4,071
Spot gold closed Friday near $4,070.93 on our price feed, up 5.0% from $3,876.73 a week earlier. It reached a high of $4,147.02 on Thursday, Lianhe Zaobao reported, after the midterm result pulled US yields and the dollar lower. Friday's jobs report then took the shine off: US employers added 165,000 jobs, the dollar rose and gold touched a low of $4,033.29 before recovering part of the move.
Views for the coming week are split. In the weekly Kitco survey of 13 Wall Street analysts, four expected higher prices, five expected lower and four saw a sideways market or gave no view, Lianhe Zaobao reported. Our gold desk caught the start of the rally: a buy at $3,940 that closed on 2 November reached its third target at $3,990 for +500 pips. Every closed gold trade is on the gold signal results page, and session levels are on gold today.
The dollar against the majors
The table shows the weekly change on our hourly price feed, Friday close to Friday close.
The Australian dollar fell 2.35% to about 0.6866, the weakest of the majors, and the New Zealand dollar lost 1.58%. USD/JPY rose 0.58% to about 158.49, while GBP/USD slipped 0.31% to about 1.3351 and EUR/USD 0.29% to about 1.1142. Futures traders put the chance of a Fed rise on 9 December at between about 78% and 81% after the jobs data, according to CME FedWatch figures cited by Lianhe Zaobao and Global Market Gateway. Our RBA decision review covers the Australian side of the week.
What futures positioning shows
The latest Commitments of Traders report from the CFTC, for positions on Tuesday 3 November, showed speculators net short 157,791 euro futures contracts, 13,897 more than a week earlier. That is the most bearish reading in at least three years on our COT index. In gold, speculators were net long 179,548 contracts, down 6,903 on the week. In sterling they cut their net short by 19,593 contracts to 59,821.
A crowded short can unwind quickly if data surprise the other way, which is one reason euro traders will watch Tuesday's CPI closely. The full tables are on our euro COT page and gold COT page, and our guide to support and resistance explains how we mark the levels in each signal.
Forex news today: what opens the week
| When | UK time | ET |
|---|---|---|
| Forex trading reopens, Sunday 8 November | about 22:00 | about 5:00pm |
| US CPI, October, Tuesday 10 November | 13:30 | 8:30am |
| UK GDP monthly estimate, September, Thursday 12 November | 07:00 | 2:00am |
US CPI is the main event. September CPI was 3.7% with core at 2.6%, and with a December Fed rise largely priced, a soft reading could move the dollar more than a hot one. Our guide to inflation data explains how each measure moves forex and gold, and the economic calendar lists every release with UK times.
Follow CPI week with Forexuro
The free Forexuro Telegram channel posts free signals every trading day, usually between about 05:00 and 15:00 UK time, each with an entry, a stop and three targets. VIP is £99 a month or £549 one time for more signals and live management. Trading carries risk, and past results are not a reliable guide to future results.
Official sources
Official pages for the decisions, data and schedules behind this report.
- CFTC: Commitments of Traders, futures positioning
- US Bureau of Labor Statistics CPI schedule, CPI release dates
- Office for National Statistics release calendar, UK GDP date
Frequently asked questions
How much did oil fall in the week to 6 November 2026?
US crude (WTI) closed at $89.46 a barrel, down 12.35% on the week. Brent was heading for a fall of about 16%.
Where did gold close on 6 November 2026?
Near $4,070.93 an ounce on our price feed, up 5.0% on the week.
When does the forex market reopen after the weekend?
At about 22:00 UK time on Sunday, which is about 5:00pm ET.
Sources
- Borearis: Weekly market recap, WTI crude falls 12.35%
- Global Market Gateway: Evening digest, gold slips
- Lianhe Zaobao: Midterms lift gold about 5% on the week
- Macro Herald: Strong payrolls lift dollar, gold slips
- Data for the charts: weekly change from Forexuro's hourly price feed (Friday 30 October to Friday 6 November 2026) and CFTC Commitments of Traders data as stored on Forexuro.
Keep reading
Economic calendar · Gold today · EUR/USD today · XAU/USD signal results