US payrolls beat with 165,000 jobs, the dollar jumps and gold ends the week near $4,071 after the Bank of England hike
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FX news today starts with a jobs report that beat every forecast: US employers added 165,000 jobs in October and the dollar had its strongest day in weeks. Gold gave back part of its rally, while sterling slipped after the Bank of England's first rate rise since 2023.
Below: what the payrolls report showed, how the dollar, yields and gold reacted, where the pound stands after the BoE, and the week ahead with UK time first and ET in brackets. Levels for gold and the majors appear in the free Forexuro Telegram channel each trading day.
Free on Telegram. Gold, pound and dollar levels for the CPI week, with entry, stop and three targets.
The jobs report and the dollar
Nonfarm payrolls rose by 165,000 in October, far above the Dow Jones consensus of 59,000 and the 65,000 that economists polled by Reuters expected, the Bureau of Labor Statistics said on Friday. Unemployment fell to 4.1% from 4.2%, and average hourly earnings rose 0.4% on the month and 3.1% on the year. August and September were revised up by a combined 84,000, to 186,000 and 60,000.
The dollar index rose 0.7% to 102.18, Reuters reported, and the 2 year Treasury yield climbed about 5 basis points to 4.52%. Futures moved to about an 80% chance of a quarter point Fed rise on 9 December, from about 75% before the release. At the Friday close on our price feed, the dollar index stood at 102.32, EUR/USD at 1.1137 and USD/JPY at 158.53. Our guide to how payrolls move forex and gold explains why the first minutes after a surprise like this move so fast.
Gold gives back part of its strongest week since August
Spot gold fell 1% to $4,047.10 an ounce after the report and touched $4,033.29 earlier in the session, Reuters reported via CNBC. At that point it was still up about 4.5% on the week, on track for its strongest week since late August, after the midterm result pushed yields down on Wednesday and Thursday. December gold futures fell 1.4% to $4,057.20. Spot recovered part of the drop late in the session and closed the week near $4,070.93 on our price feed.
A higher chance of a December Fed rise lifts the cost of holding a metal that pays no interest, which is why gold fell as yields rose. Our gold desk sold the top of the rally on Thursday: a sell from $4,125 reached its third target at $4,075 for +500 pips. Every closed gold trade is on the gold signal results page, and session levels are on gold today. To size a gold trade in your own currency, use the gold pip value calculator.
The pound after the first BoE rise since 2023
The Bank of England raised Bank Rate by a quarter point to 4% on Thursday. Eight members voted for the rise and Catherine Mann voted for a half point move to 4.25%, so the only dissent asked for more, not less. The Bank said UK CPI inflation rose to 3.5% in September and is expected to reach around 5% by the middle of next year. Traders raised bets on further rises to about 76 basis points by the end of 2027, from about 67 before the decision, Reuters reported.
The stronger dollar outweighed that on Friday. GBP/USD closed the week near 1.3348 on our feed, down about 0.7% from Thursday's close near 1.3448. Our BoE preview set out the options before the meeting, and the Bank of England decision page keeps the full history.
FX news today: the week ahead in UK time and ET
| Release | UK time | ET |
|---|---|---|
| US CPI, October | Tue 10 Nov, 13:30 | 8:30am |
| UK GDP monthly estimate, September | Thu 12 Nov, 07:00 | 2:00am |
| Bank of England decision | Thu 17 Dec, 12:00 | 7:00am |
US CPI is the next big test for the dollar. Continuum Economics expects a 0.2% rise in both headline and core prices in October, while TD Securities sees 0.3% for the headline. There will be no annual rate for October, because October 2025 data were never published during the government shutdown. The economic calendar lists every release with UK times, and the US CPI page shows past readings.
Follow the CPI week with Forexuro
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Official sources
Official pages for the decisions, data and schedules behind this report.
- US Bureau of Labor Statistics: The Employment Situation, October 2026, payrolls, unemployment and earnings
- Bank of England: Monetary Policy Summary, November 2026, the decision and the vote
- US Bureau of Labor Statistics CPI schedule, CPI release dates
Frequently asked questions
How many jobs did the US add in October 2026?
165,000, against a Dow Jones forecast of 59,000. Unemployment fell to 4.1% and hourly earnings rose 0.4% on the month.
What did the Bank of England decide on 5 November 2026?
It raised Bank Rate by 0.25 percentage points to 4% by 8 votes to 1. One member voted for 4.25%.
What time is US CPI on 10 November 2026?
13:30 UK time, which is 8:30am ET.
Sources
- CNBC: US economy added 165,000 jobs in October
- Reuters via Investing.com: Strong October jobs report sends yields higher
- Reuters via Investing.com: Traders raise bets of Fed rate hike after jobs report
- Reuters via CNBC: Gold drops 1% as strong US payrolls boost dollar, yields
- Reuters via Euronext: Bank of England delivers first rate hike in three years
- Continuum Economics: US October CPI preview
- Data for the charts: XAU/USD and GBP/USD hourly spot prices as stored on Forexuro.
Keep reading
Economic calendar · Gold today · GBP/USD today · XAU/USD signal results