Asia Market Wrap - Tech Stocks Falter as China Eyes Rare Earth Curbs Again Most Read: Why the end of the US shutdown sparks a huge rally in StocksThe positive momentum in global stock markets, which had been boosted by the hopeful news of a deal to end the US government shutdown, fizzled out in Asian trading.This change was caused by reports that China plans to restrict its exports of rare earth minerals to the US, which brought back worries about trade tensions.The main index for Asia-Pacific stocks (MSCI) first went up but then reversed its direction, dropping by 0.3%, with Chinese markets falling the most. China's main stock benchmark dropped 0.9%.Japan's Nikkei index also lost its early gains and fell 0.5%, mainly because shares of large semiconductor companies dropped heavily.The overall mood got worse after The Wall Street Journal reported that China will speed up export approvals for most rare earth companies but block exports from any company connected to the US military.This action raised fears of a new, intense fight over trade between the world's two biggest economies, even as the US continues to make progress toward ending its record-long government shutdown.UK Unemployment Rises and Wage Growth Slows In the UK, regular pay (not including bonuses) increased by 4.6% in the three months leading up to September 2025 compared to the year before. The average regular weekly pay was GBP 684.This rate of increase was slightly slower than the 4.7% rise seen in the previous three months and matched what analysts expected. In fact, this was the slowest growth in regular pay since early 2022.This slowdown was mainly because private sector wages slowed down to 4.2% (from 4.4%), reaching their lowest point since late 2021.However, public sector pay saw a sharp increase, accelerating to $6.6\%$ (up from $6.0\%$), which was the fastest rise since late 2023.Looking at different job sectors, the biggest yearly pay jumps were in wholesale, retail, hotels, and restaurants (5.7%). Other gains were seen in services (4.7%), manufacturing (4.4%), construction (3.5%), and finance and business services (2.7%).When considering the effect of rising prices (inflation), the actual spending power of wages only grew by 0.5%, which is the slowest 'real wage' growth since 2023.The UK's unemployment rate rose to 5.0% in the third quarter of 2025. This is the highest rate since May 2021 and was slightly worse than analysts had predicted (4.9%).The total number of people out of work went up by 117,000 from the previous quarter, reaching 1.789 million. This increase was mostly seen in two groups: people who were recently unemployed (up to six months) and those who have been jobless for a very long time (over a year).At the same time, the total number of people with jobs fell by 22,000 to 34.192 million. This was the first time employment has dropped since early 2024 and was mainly due to fewer full-time jobs.Interestingly, the number of people holding a second job went up slightly to 1.33 million. Overall, the percentage of people with jobs (the employment rate) fell slightly to 75.0%.The softer data has already seen market participants increase expectations of a December rate cut from the Bank of England.European Session - Shares Advance, FTSE Eyes Rally Post Breakout European stocks continued their rise on Tuesday, mainly because investors were hopeful about a potential end to the record-long US government shutdown. This good feeling was also helped by some positive company earnings from telecom businesses like Vodafone.The main European stock index, the STOXX 600, climbed 0.5%, hitting its highest level in two weeks. Global markets had a strong start to the week, with European stocks seeing their biggest daily gain in six months on Monday, as traders were relieved that the end of the US shutdown would mean the release of important government data would resume. The good news came late Monday when the US Senate approved a deal to restore federal funding and end the shutdown.However, some investors remained cautious about what impact the lack of government funding so far might have had on the large US economy.In company news:Vodafone shares jumped $5\%$ after the British company raised its financial forecasts for the full year and reported a return to sales growth in Germany. This helped push the overall telecommunications sector higher.On the other hand, INWIT stock fell $8.4\%$ after the major Italian mobile towers company lowered its revenue forecast for the next year, even though its quarterly profit had increased.On the FX front, the Japanese Yen, which is generally considered a "safe-haven" currency, dropped to its lowest value since February on Tuesday.At the same time, currencies viewed as "riskier" (like the Euro and the British Pound) were strong against the US Dollar. This shift is happening because traders are anticipating the long US government shutdown will end, which improves the market's overall mood and reduces the need for super-safe assets like the Yen.The Euro remained stable at 1.1555, and the British Pound steadily increased to 1.3165.In contrast, the New Zealand Dollar (NZD) continues to face pressure due to its slowing economy. It dipped 0.2% to 0.5635, close to its lowest point in seven months.On Monday, the NZD hit its weakest level in 12 years against the Australian Dollar, which shows that the two neighboring countries have very different outlooks for their future interest rates.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices fell slightly in Asian trading on Tuesday. This dip happened because worries about having too much oil available (oversupply) were more impactful than other factors.1 Those other factors included the uncertainty about what US penalties on major Russian oil companies like Rosneft and Lukoil would do, and the positive feelings about the US government possibly reopening.The price for Brent crude oil futures dropped by 27 cents, or 0.4%, settling at 63.79 a barrel.US West Texas Intermediate (WTI) crude oil was also down by 27 cents, or 0.5%, priced at 59.86 a barrel.Both types of oil had actually seen their prices go up by about 40 cents in the trading session before this one.Gold prices went up again on Tuesday, reaching their highest point in almost three weeks. This increase was mainly because people are increasingly expecting the US central bank (the Federal Reserve) to lower interest rates again in December. Also helping the price was the news that the U.S. government shutdown might be ending.Specifically, spot gold (for immediate purchase) was up by 0.4% to 4,131.32/oz, and US gold futures (for December delivery) rose by 0.4% to 4,137.50/oz.For more on Gold prices, read Gold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Economic Calendar and Final Thoughts The European session will bring German and Euro Area Zew sentiment data as well as comments from both Boe and ECB policymakers.Attention will then turn to the US, where the Senate approved a bill to end the government shutdown yesterday. The House of Representatives is expected to vote on it in the next couple of days, and while it's not absolutely guaranteed, it is widely expected to pass.In the coming days, markets may lack a clear direction.On one hand, the prospect of the government reopening allows markets to relax about the negative effects the shutdown might have had on economic growth. On the other hand, the restart of official US economic data releases carries a real risk of negatively affecting the US Dollar. I think this second factor will be more important. In my view, markets are underestimating the potential negative news that might come out regarding the labor market and short-term US interest rates, which would ultimately push the Dollar lower toward the end of the year zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 has broken out of the wedge pattern which has been in play of late.The breakout sets the index up for a potential 220-odd point rally to the upside.A retest of the wedge cannot be ruled out and may present a better risk-to-reward opportunity.Immediate support rests at 9840 before the 9800 handle comes onto focus.FTSE 100 Index Daily Chart, November 11. 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for November 10.This week opened on some false hopes for an early conclusion of the US government shutdown after what were described as productive US Senate discussions this past Sunday. Unfortunately, those initial hopes did not materialize, but there is light at the end of the tunnel.We are now on the 40th day of the shutdown, and the pressure is mounting. The airport situation in the US is becoming disastrous, with more than 1,000 flights seeing delays due to a critical shortage of air traffic controllers. Nonetheless, prediction markets remain optimistic, currently pricing a 92% chance that the shutdown will finally end within the next five days. zoom_out_map When will the Government shutdown end? – Source: Polymarket – Nov 10, 2025 Spot how the odds changed after yesterday evening The discussions themselves have fueled a rally in Stocks, as news filtered out that many Democrats are folding on key concessions and losing leverage, which would ultimately give further advantage to Republicans in the final deal. Why the end of the US shutdown sparks a huge rally in Stocks This political development—detailed in an interesting piece by Axios—has seen fiscal concerns arise again. The market is anticipating that a Republican-favored resolution will likely involve more spending and less fiscal discipline, which immediately sent another impulsive wave of bullishness into Metals, but at the cost of the US Dollar. Metal rally ignites: Silver surges back above $50 levelGold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Markets Weekly Outlook – Traders get impatient for the US shutdown to endCross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, November 10, 2025 – Source: TradingView The picture is very familiar for those who have been trading throughout the first half of 2025: Stocks (particularly European and Tech) have loved the session, with metals enjoying it even more at the cost of the US dollar and US treasuries.A familiar open that also adds some spice in a week that is expected to be a rollercoaster! Get ready.A picture of today's performance for major currencies zoom_out_map Currency Performance, November 10 – Source: OANDA Labs Antipodean, typically profiting from risk-on conditions appreciated the turn in Markets to start the week – However, AUD and NZD traders should stay cautious with key data for both New Zealand and Australia releasing this week.On the other side of the spectrum, the CHF but even more the JPY, two safe-havens, took a hit from the better market mood.The yen saw particular disinterest from overnight comments from Takaichi, further reaffirming the ultra-loose policies she wants to put in place and which have been so detrimental to the Japanese currency performance.The dollar also got sold off due to fiscal concerns, but avoids being the weakest currency of the FX major board.A look at Economic data releasing throughout tonight and tomorrow's sessions zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. The evening session opens quietly with a few early catalysts, including Japan’s Current Account (closely watched with the Takaichi policies) and New Zealand’s Q4 Inflation Expectations, key for upcoming decisions (RBNZ has been lost in terms of their next moves).Momentum picks up sharply on Tuesday, with the UK’s full labour market report due early — wages are expected to ease slightly (+4.9% YoY including bonuses), and the Claimant Count could show another 20K+ increase, confirming softening momentum in Britain’s job market.In Europe, the focus turns to Lagarde’s speech and the German ZEW survey, where sentiment is seen stabilizing but still deep in negative territory (Current = –77.5, Expectations ≈ 40).The USD session rounds off with Fed’s Barr late in the day and the ADP 4-week average, a soft preview of labour conditions heading into next month’s jobs report.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Metals attempt to retake their unforeseen 2025 run higher in today's wild session.Higher than expected inflation, released on Oct 24 during to the BLS shutdown, brought back some calm in a squeezing metals market.While Gold went from $4,380 to just below $3,900, marking a 10.80% correction, Silver moved even more sharply with a drawdown of 16%.A comeback in the US Dollar and hawkish Fed repricings had severely hurt demand for metals. However, this demand is now rapidly coming back as the yet-again pushed back government reopening is being priced for a Republican sweep, where more aggressive fiscal spending is widely expected to remain reckless.This was one of the main proponent of the run in Gold and Silver throughout the beginning of the year.Up about 4.50% as we speak, Silver is pressing its bullish momentum to close the opening session. Let's dive into a multi-timeframe analysis from the Weekly to an intraday chart to spot where prices could be heading. Read More:Gold (XAU/USD) Price Forecast: Bullish Breakout Gathers Pace as Fed Pivot Expectations Firm, $4250/oz Incoming?Why the end of the US shutdown sparks a huge rally in StocksSilver (XAG/USD) multi-timeframe analysisWeekly chart zoom_out_map Silver (XAG) Weekly chart, November 10, 2025 – Source: TradingView As explained in our previous edition from a few weeks prior, the squeeze in Silver was so steep that many participants could not operate.A run on the precious metal took its prices up close to 50% from Powell's Jackson Hole speech to its all-time highs ($54.48) in less than 50 days.The consequent correction was deep but buyers nonetheless re-entered with force October 28th, right before the FOMC – The wick on the weekly candle created a bullish weekly hammer which promptly saw some follow through.Failing to fill bids at the 50-week moving average, participants rushed in the market to not miss the ongoing rally which reinforced its strength; The metal is now up 10% from its $45.55 lows.The current weekly candle is one of a bullish impulse which prompts further continuation – A test of the 2025 highs would be required to maintain the bullish scenario.Daily Chart and levels zoom_out_map Silver (XAG) Daily chart, November 10, 2025 – Source: TradingView Levels to watch for Silver (XAG) trading:Resistance Levels:2025 record $55.48$52 to $53 mini-resistance$50.50 to $51 mini-resistance at 61.8% fib of corrective movePotential resistance 1 $57.50 to $60 (1.382% from 2022 lows)Potential resistance 2 $62 to $65 (1.618 from Impulsive Move)Support Levels:$48 to $49 2011 High Pivot$47 low of potential daily channel$45.55 October 28 lows$43.00 to $45.00 Weekly pivot$39.50 to $40 higher timeframe support2012 Highs Support around $37.504H Chart zoom_out_map Silver (XAG) 4H chart, November 10, 2025 – Source: TradingView Silver has put an impressive start to this week but is facing a critical lower timeframe test:The 61.8% Fibonacci level from the end-October correction is creating an essential pivot zone between $50.50 and $51.The candles are strong and not indicative of a pullback for now, however consolidation may ensue due to overbought levels.A rejection here could still face support between $48.30 to $49, a support zone that includes the 50 and 200 4H-period MA.A daily close at current levels would nonetheless assume that bears are absent of the battle – Keep a close eye on potential breakouts (or in a lack thereof, a small reversal).Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Gold prices saw a sharp rise at the start of the trading week. The precious metal is trading up around 2% on the day and holding near the 4100/oz handle.Last week, new data (data from 3rd party sources) came out showing that the US economy lost jobs in October, particularly in government offices and retail stores. Adding to this bad news, a report on Friday showed that Americans felt much less confident about the economy in early November because families were worried about things getting worse financially.Because of this weak data, financial markets now believe there is a 60% chance that the Fed will cut interest rates in December. By January, the chances of a rate cut increase even higher, to about 80%. zoom_out_map Source: CME FedWatch Tool Market Dynamics and Correlation Analysis The price of Gold (XAU/USD) jumped up even though the US Dollar was on the offensive at the start of the week.Usually, when the US Dollar gets a little stronger, Gold's price goes down, but this time, Gold kept rising. This suggests that Gold's movement is currently being driven by specific issues inside the US, mainly changes in the Federal Reserve's interest rate policy and growing worries about the economy and not just the normal ups and downs of the dollar.US Equities were also on the offensive at the same time as Gold, a trend that runs contrary to their traditional inverse correlation (where stocks fall and gold rises as a safe haven).Everyone expects the Fed to cut rates, which is like injecting a lot of money into the system. This expected money boost helps two things at once: it makes the future earnings of companies (stocks) look more valuable, and it makes it cheaper to hold onto Gold.Because of this new trend, Gold traders may be more inclined to now watch what major stock markets do, with influential stocks like Nvidia being very important for predicting where Gold will go next.Technical Analysis - Gold (XAU/USD) From a technical standpoint, Gold XAU/USD is decisively bullish in the immediate term, supported by a critical technical break and strong fundamental drivers tied to the perceived Fed pivot.The current risk/reward profile favors long positions, provided the pivotal $4,000–$4,027 support band holds.There is also a triangle pattern which was broken last week Thursday. The breakout has gathered pace today and could see Gold reach a target of around the 4250/oz handle if the pattern plays out as it should.In the near-term, acceptance above the 4100/oz handle remains crucial for bulls who are looking for higher prices.Immediate support rests at 4062 (100-day MA) before the 4050 and 4000 handles come squarely into focus.Gold (XAU/USD) Four-Hour Chart, November 10, 2025 zoom_out_map Source: TradingView (click to enlarge) Client Sentiment Data - XAU/USD Looking at OANDA client sentiment data and market participants are Long on Gold with 74% of traders net-long. I prefer to take a contrarian view toward crowd sentiment and thus the fact that the majority of traders are net-long suggests that Gold prices could continue to slide in the near-term.Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The political gridlock has finally broken. The US Congress has officially voted to reopen the federal government, providing an immediate positive catalyst for equities that is erasing the market blues of the past week.The longest-ever government shutdown initially had a muted impact, but as its consequences—such as delays in key economic data, reduced flights, and halted essential functions—began to accumulate, markets took a noticeable negative turn last week.However, the Senate's decisive vote on a compromise bill, which saw moderate Democrats break with their party leadership to make key concessions (such as securing a future vote on extending healthcare subsidies), has fueled today's optimism.Participants are interpreting that a Republican sweep is expected to be an even greater booster for stocks.Today’s sector dynamics are turning more bullish for tech-heavy firms: the market is green across all indices, heavily propelled by the "Magnificent Seven" stocks – notably Nvidia and Tesla, which are up by more than 3%. zoom_out_map US Equity heatmap – November 10, 2025 – Source: TradingView Conversely, more defensive sectors (like consumer staples, medical, and home appliances) are lagging.An anticipation of a "Buffett retirement effect" could be hitting defensive names, which Berkshire Hathaway has traditionally sought throughout Buffett's tenure.After a long and storied career, the 94-year-old value investing legend is expected to publish his official farewell letter today.Elsewhere, Gold has rallied massively, while bonds have corrected.This flow suggests that while the shutdown uncertainty is gone, the spotlight immediately pivots back to the deteriorating US fiscal outlook and the costs of the political concessions made to reopen the government, with Republicans dominating the outlook going forward.This discomfort with fiscal sustainability continues to underpin the resilience of precious metals.In any case, for now, the immediate action is bullish in US indices, but more so in the tech-heavy Nasdaq.Let's observe intraday charts and key technical levels for the Dow Jones, Nasdaq, and S&P 500. Read More:Markets Today: Gold Hits 2-Week Highs, China CPI Accelerates, Diageo Appoints New CEO and FTSE 100 Consolidates. US Government Shutdown in FocusMarkets Weekly Outlook – Traders get impatient for the US shutdown to endDow Jones 8H Chart and technical levels zoom_out_map Dow Jones 8H Chart, November 10, 2025 – Source: TradingView Despite the bullish overnight session and open for the Dow, the rotation from defensive sectors is hurting the industry-heavy index.Sellers are bouncing off of the 50-period MA and short-term descending topline which may provide resistance for upside progress as long as prices remain below.With momentum also rejecting the neutral RSI mid-line, selling seems to be taking the hand as I speak.Look for the daily close: Above 47,000, buyers remain in control of the long-run trends.Below however, the past week of downside may have a longer drag.As indicated in our end-week Index outlook, for long-term investors, keep an eye on the 45,000 level to spot if the uptrend is prioritized.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,0908H MA 50 and resistance at 47,500Session high 47,340ATH Resistance Zone 47,900 to 48,100Support LevelsHigher timeframe pivot 46,900 to 47,20046,400 major support46,000 higher timeframe Pivot now support45,000 psychological level44,400 to 44,50046,950 session lowsNasdaq 8H Chart and levels zoom_out_map Nasdaq 8H Chart, November 10, 2025 – Source: TradingView Despite the ecstatic overnight and opening trading, reactions to downside technical patterns (channel and 25,500 resistance) are leading to some downside.Still, the actual index shows a strong gap higher and tech-leaders are pulling further in their lead.A 2H 50-period MA is acting as immediate support and leading to some short-term buying.Bulls will have to break and close above the 25,580 session highs to prompt further upside – Bears on the other hand will want a break below 25,365.Nasdaq technical levels of interest:Resistance LevelsCurrent ATH 26,283 (CFD)All-time high resistance zone 26,100 to 26,300Intermediate resistance and 4H MA 50 25,700 to 25,850Mini-resistance at 25,500 Gap (immediate resistance)Session highs 25,580 and Channel topSupport LevelsCurrent Pivot 25,050 to 25,200 (Tuesday lows 25,186)24,500 intermediate supportOctober lows 23,997Early 2025 ATH at 22,000 to 22,229 SupportSession Lows 25,450S&P 500 8H Chart and level zoom_out_map S&P 500 8H Chart, November 10, 2025 – Source: TradingView There has been some short-term rejection at the topline but some dip-buying has helped an initially-bearish candle to turn more neutral.Similarly as the other indices, the S&P 500 is reacting to some immediate resistance but with the current breadth of the rally, the S&P 500 looks relatively more solid than its peers.Nevertheless, market mood spreads throughout all indices, therefore today's close will be important to check.After the gaps higher, it will be key to spot if continuation holds or if this was only a retracement toward a longer-run correction.S&P 500 technical levels of interest:Resistance Levels6,930 (current All Time-Highs)ATH Resistance 6,900 to 6,930Intermediate resistance 6,830 to 6,855Daily highs 6,796Support Levels6,707 session lowsPivot and MA 200 6,720 to 6,750 (testing)6,680 to 6,700 support6,570 to 6,600 Key support6,490 to 6,512 Previous ATH now Support (4H MA 200 Confluence)Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Nikkei Up 1.2% Most Read: Markets Weekly Outlook – Traders get impatient for the US shutdown to endStock prices went up and government bonds (Treasuries) went down because people felt hopeful about a possible deal to end the longest US government shutdown. This good feeling came after a chaotic week where investors worried about whether Artificial Intelligence (AI) company stocks were too expensive.The major MSCI Asia Pacific Index gained almost 1%, with twice as many stocks rising as falling. Japan's Nikkei stock average also climbed more than 1% on Monday, following the positive feeling from US stock futures because traders hoped the US shutdown would soon be over.The Nikkei ended the day up 1.26% at $50,911.76.In Japan, large tech-related companies like Advantest, Tokyo Electron, and SoftBank Group all saw gains. While these big stocks helped push the Nikkei up, a market expert noted they weren't gaining as strongly as they did last month.However, smaller chip-related stocks surged, showing investors were still very eager for technology shares. For example, Kioxia Holdings jumped over 10%, and Towa rocketed up almost 24% to its daily maximum limit.Another big mover was Mercari, the flea market app operator, which jumped over 18% after reporting a 70% increase in quarterly profit. On the flip side, Honda Motor fell almost 5% after the automaker sharply cut its yearly profit prediction by 21% on Friday. Its competitor, Toyota Motor, managed to recover from earlier losses and finished the day slightly higher. Overall, on the Tokyo Stock Exchange, a large majority of stocks (76%) went up.China CPI Surprise China's consumer prices (the cost of goods and services for people) went up by 0.2% compared to a year ago in October 2025. This was a surprise, as experts expected no change, and it bounced back after prices fell 0.3% the month before. This increase was the first since June and the fastest rise since January.The cost of things other than food accelerated its climb (from 0.7% to 0.9%), boosted by government programs encouraging people to trade in old items for new ones and more spending during the Golden Week holiday, which both helped domestic buying. Costs continued to increase for things like housing, clothes, healthcare, and education. Also, the cost of transportation fell less steeply than before.Regarding food, prices still dropped, but it was the smallest drop in three months (down 2.9% versus down 4.4%). Crucially, Core inflation (which ignores volatile food and energy costs) rose by 1.2%, which is the highest level in 20 months. Looking month-to-month, consumer prices also increased by 0.2%, which is the highest increase in three months.European Session - European Shares Higher, Diageo Appoint New CEO The FTSE 100 index in Britain is expected to open higher on Monday, with early futures showing a gain of 0.84%. The DAX index was also trading higher, up around 0.5% at the time of writing.In company news: Diageo, the world's largest spirits company, appointed Dave Lewis (the former head of Tesco) as its new CEO, concluding a long search and bringing in an outsider to lead the company during tough times for the drinks business.Separately, the mining company Ferrexpo announced that its production and exports have been stopped because recent Russian attacks on Ukraine's energy system damaged the power supply to the miner's operations in a critical area.Also, the owner of Upper Crust, SSP Group, said that its Chair and director, Mike Clasper, plans to step down after the company's annual meeting in January 2026.Finally, JTC announced it has accepted the fourth improved offer from the British private equity firm Permira, valuing the company at £2.3 billion (or $3.09 billion).On the FX front, the value of the US dollar went down on Monday. This happened because investors felt more hopeful after the Senate took steps to potentially reopen the federal government, which overshadowed some recent bad economic news.The US dollar index dropped slightly, by 0.1%, to 99.643.Other currencies reacted slightly to this: the euro was a little weaker at 1.1559, and the British pound sterling was also slightly softer at 1.3148.The offshore Chinese yuan stayed mostly the same against the dollar at 7.1204 during Asian trading.Meanwhile, the currencies of Australia and New Zealand gained ground: the Australian dollar was up 0.4% at 0.6520, and the New Zealand dollar (kiwi) rose 0.1% to 0.5632.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices went up on Monday. This rise was mostly due to the hope that the US government shutdown would end soon. If the government reopens, it's expected to increase demand for oil in the US, which is the world's biggest oil user. This positive news helped overcome worries about the fact that global oil supplies are increasing.Specifically, Brent crude oil futures rose 45 cents (or 0.71%) to trade at 64.08 per barrel. The price for US West Texas Intermediate (WTI) crude oil also increased by 48 cents (or 0.80%) to reach 60.23 per barrel.Gold prices jumped to a two-week high on Monday due to a combination of two major factors.First, the market expected the US Federal Reserve to cut interest rates again in December. Lower interest rates make non-interest-paying assets like gold more appealing compared to interest-bearing investments, such as bonds.Second, a wave of weak economic reports increased global slowdown worries, pushing investors to buy gold because it's traditionally viewed as a safe asset during times of economic uncertainty.Following this optimism, the price of spot gold climbed 1.8% to reach 4,070.99/oz, and US gold futures for December delivery similarly rose 1.8% to 4,079.70/oz.For more on Gold prices, read Gold (XAU/USD) Price Slips 1.5% as $4000/oz Handle Remains Elusive. What Comes Next?Economic Calendar and Final Thoughts On Sunday, the US Senate took a step toward ending the 40-day federal government shutdown and getting federal workers back to work. This shutdown has stopped paychecks for government employees, slowed down food aid, and caused problems with air travel.In a key vote, the senators advanced a bill that originally came from the House of Representatives. This bill will be changed to fund the government until January 30th and will also include three complete, long-term spending bills. The shutdown has been severely hurting the US economy: federal workers in areas like airports, law enforcement, and the military haven't been paid, and the central bank has been struggling because the government hasn't been releasing much economic data. zoom_out_map Source: LSEG Despite all these problems, the overall mood of investors remained hopeful on Monday.Outside of political news, this week is very quiet for new US economic data. Also, tomorrow is a public holiday, Veterans' Day, in the US The main piece of data that will be released is the NFIB small business optimism index tomorrow. We will also hear from several officials from the Federal Reserve (the Fed) this week.Currently, the chance that the Fed will cut interest rates by 0.25% in December has dropped to 64%. Since there won't be much new US data to change minds, and because Fed officials usually suggest they should be cautious about cutting rates quickly, that probability may drop even lower, close to 50%. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 is moving lower after market open but remains bullish as the index continues to print higher highs and higher lows.As things stand the FTSE is trading inside a wedge pattern and a breakout could be the precursor for the next major move.A wedge breakout could lead to a 220-point rally and needs to be monitored.For now though, The index is kind of in no mans land.The period-14 RSI is approaching the 50-neutral. If this level on the RSI holds, this could lead to a retest of the top of the wedge.Alternatively, a move lower here could bring the lower end of the wedge pattern into focus and potentially the 100-day MA as well which rests at the 9616 handle.FTSE 100 Index Daily Chart, November 10. 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Week in review – Markets are starting to get worried from a prolonged shutdown Navigating through the headlines can be difficult in Markets. Even when Stock indices break new records week after week, negative headlines can lead readers to adopt a more pessimistic view compared to how things really are – this explains, in part, the “Buy the rumours, Sell the news” adage.However, when Stock indices start to reverse sharply, headlines begin to have a snowball effect.November trading began at the beginning of this week and brought with it some winter headwinds:Almost all global stock indices are lower, and cryptocurrencies have taken a huge hit, leaving investors scratching their heads to know where to put their money.To accompany these flows, tons of speeches and headlines on high AI stock valuation and spendings start to send vibes of a lack of confidence (and this could also be seen in the latest University of Michigan survey) Most Read: Consumer Pessimism and Job Cuts Increase Uncertainty About Economic Outlook in US As the week comes to an end, a rough beginning of the month for safe-havens, particularly metals, began to materialize in somewhat of a new rebound – Gold is back above $4,000.US Treasuries are also following suit, closing the week at their highs.A more hawkish FedSpeak (following Powell's October meeting tone) throughout the week started to cast doubts on a December meeting cut, further hurting Market optimism.The US Shutdown was not significantly impact markets throughout the past month, but as more governmental services and sectors are affected, with even flight numbers being reduced, this is changing.US Vice President JD Vance has even sent out warnings on the consequences of the prolonged shutdown.All of these catalysts begin to have an impact on sentiment in the broader context.Weekly performance from different asset classes zoom_out_map Weekly Asset Performance, November 7, 2025 – Source: TradingView Magnitude of movements for cryptocurrencies are usually higher, but this weekly asset performance chart shows well how risk assets took a hit this week.More defensive stock indices like the Dow Jones finishes down 1.50%, the tech-heavy Nasdaq down 3.56%, dragged down further by pessimistic warnings from the Nvidia CEO or OpenAI's CFO.At the extreme of the risk and volatility spectrum, cryptocurrencies took a big slap in the face. Bitcoin, the most stable, lost a bit more than 5% in value – just hanging above the $100,000 mark – while Ethereum, Solana and other altcoins lost a minimum of 10% (and much more). Read More:Canadian employment shoots higher – CAD takes the leadWTI crude oil at $60: Is key psychological support holding?The Week Ahead – A government reopening? The week was one of a risk-appetite that reduced drastically. Nonetheless, some more vodish pricings and hopes for a US government reopening helped equities to catch around the same time that European indices closed. zoom_out_map Market-odds of the timing for a US government reopening – Polymarket – November 7, 2025 Asia Pacific Markets – Australian Employment, more Chinese production data and NZ inflation expectations AUD traders will have to stay sharp with Australian data largely taking the front-scene. Monday will begin with Consumer confidence data but the key really is the Australian Employment data, releasing on Wednesday evening (20:30).The bar is high for the number, with Australia maintaining a strong look throughout the year but has started to show a few signs of slowing.For those keeping an eye on China (particularly after the disastrous trade numbers released yesterday), APAC traders will want to monitor the Industrial production and retail sales number to see if the PBoC has more room for stimulus (typically a booster for AUD and NZD).Kiwi data is also not to be forgotten with their very key RBNZ inflation expectations numbers also releasing Monday night at 20:30 (ET).US, Europe and UK Markets – European & UK Employment with still nothing to see in the US As the Bureau of Labor Statistics is still closed until further notice and no private data is on the watch next week, traders will have to be a bit more patient to get an idea of the state of the US Economy.However, there is still work to do, particularly for those interested in European and UK dynamics.Starting Tuesday, GBP traders will welcome the UK employment (releasing at 3:00 A.M on Tuesday) which will once again have a big influence on the next "live" Bank of England meeting on December 18th (live meaning that the decision should largely depend on upcoming data).Major UK data continues on Thursday, same time, with the release of the Monthly and Quarterly GDP data.The EU will also publish their own Employment and GDP figures on Friday at 6:00 A.M. (ET).Of course, Euro traders will have to log in for the German CPI released in the Wednesday overnight session. zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (High-tier data only) Except for a miracle, don't hope too much for the release of US Data like CPI and PPi this week (they will hopefully get published at some point towards the end of this month or the next).Safe Trades and enjoy your weekend!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Consumer sentiment plunged in November 2025, with the University of Michigan index dropping 6.2% month-over-month to 50.3 — nearly 30% lower than a year agoLayoffs surged to 153,074 in October, up 175% year-over-year, marking the highest level since 2020, as companies cut costs and accelerate automationPrivate-sector jobs rose modestly by 42,000 in October, while wage growth stagnated at 4.5% year-over-year, signaling a cooling but still balanced labor market November 2025 brought a series of troubling signals from the U.S. economy, deepening concerns about its future direction. The latest data on consumer sentiment and the labor market indicate growing caution from both households and employers. Although private sector employment saw a slight uptick, the number of announced layoffs remains at its highest level since the pandemic. Sharp Decline in Consumer Sentiment zoom_out_map United States Michigan Consumer Sentiment, source: Trading Economics According to the University of Michigan's Consumer Sentiment Index, sentiment dropped by 6.2% month-over-month in November to 50.3 points – the lowest reading in months and 29.9% lower than a year ago. The assessment of current economic conditions deteriorated even more, falling 10.8% month-over-month and 18.2% year-over-year to 52.3 points. The Consumer Expectations Index – a measure of future economic outlook – declined to 49 points, remaining below the threshold that typically signals prevailing pessimism.Despite the decline in sentiment, inflation expectations remain relatively stable. One-year inflation expectations edged up slightly from 4.6% to 4.7%, but remain well below the May peak linked to the introduction of new energy tariffs. Encouragingly, long-term inflation expectations fell from 3.9% to 3.6%, potentially giving the Federal Reserve more flexibility in conducting monetary policy.Wave of Layoffs Reaches Post-Pandemic HighMeanwhile, the labor market situation continues to raise concern. According to Challenger, Gray & Christmas, U.S.-based employers announced 153,074 job cuts in October, up 175% year-over-year and 183% compared to September. Since the beginning of the year, announced layoffs have exceeded 1.09 million, the highest level since 2020. Key reasons for workforce reductions include rising operational costs, weakening demand, and increased adoption of automation and artificial intelligence. Experts emphasize that individuals losing jobs now are finding it increasingly difficult to secure new employment, which could further loosen the labor market.On a more positive note, the ADP report showed a modest increase of 42,000 private-sector jobs in October – the first positive result since July. However, as ADP’s Chief Economist Dr. Nela Richardson noted, the pace of hiring is much slower than at the start of the year, and wage growth has remained nearly flat for several months. Year-over-year wage growth stood at 4.5%, suggesting a balanced labor market, but not pointing to strong momentum.What’s Next for the U.S. Economy?Meanwhile, Friday's trading session saw sharp declines across major stock indexes. The NASDAQ 100 dropped 1.9%, Dow Jones fell 0.77%, and the S&P 500 slid 1.26%. The yield on 10-year U.S. Treasuries fell to 4.073%, while the U.S. dollar index also edged lower. zoom_out_map Daily Time Frame of SP500, Dow Jones, NASDAQ100 and US10 Year Treasury Yields, source: TradingView The combination of falling consumer confidence, record-high layoffs, and only moderate employment growth paints an increasingly worrying picture of the U.S. economy. Under such conditions, the Federal Reserve may be inclined to continue monetary easing, especially given stable inflation expectations and a labor market losing momentum. However, the lack of complete macroeconomic data due to the ongoing federal government shutdown, coupled with persistent inflation above target, suggests that policymakers will proceed cautiously. zoom_out_map Target Rate Probabilities for 10th of December 2025 Fed meeting, source: CME Fed Watch Tool The direction of further Fed decisions will likely depend on whether upcoming data confirms a clear economic slowdown and further cooling of the labor market. According to the CME FedWatch Tool, markets are pricing in a 72.4% probability of another 25 basis point cut in December. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Oil has been one of the least performing commodities throughout 2025, despite being subject to heightened volatility.While it saw spikes in June 2025 following the Iran-Israel 12-day war (from $63 to $78!) and bouts of Ukraine-Russia related news, bearish fundamentals have largely brought the commodity lower.The combination of several major factors has kept selling pressure on Oil:Economic sanctions designed to hurt Russian exportsA general slowdown in global tradeHigher outputs from OPEC+ members who have been flooding the market due to internal issues. zoom_out_map OPEC+ planned output increases (reduction of cuts) – Source: Reuters Consequently, Crude has been consistently sold off on most price pops but that is looking back – Traders need to be forward looking.Although prices remain technically higher than the April 2025 post-Liberation dip, price action remains highly undecided right around the $60 key psychological support mark.As the market is wrestles around this level, let's dive into a multi-timeframe analysis for black gold to see if technical elements allow a shift in balance. Read More:Canadian employment shoots higher – CAD takes the leadMarkets Today: China Exports & Imports Slide, ITV Jumps 18%, FTSE Eyes 100-Day MA. Michigan Sentiment Data AheadUSD/JPY hits resistance: Bearish signal warns of a potential topUS Oil multi-timeframe technical analysisDaily Chart zoom_out_map US Oil (WTI) daily Chart, November 7, 2025 – Source: TradingView Crude evolves within a daily downwards channel and despite an October-end rebound at its bottom shaking prices out of the ~$50 handle, candles are still hovering around the middle/lower bound of the channel.Small indecision daily candles are compressing volatility as prices hang at the key $60 level – Pivot during a May 2025 consolidation.RSI momentum is also not showing many signs of decision, so let's have a closer look.4H Chart and technical levels zoom_out_map US Oil (WTI) 4H Chart, November 7, 2025 – Source: TradingView Levels to place on your WTI charts:Resistance Levels4H MA 50 $61.87May range Resistance - Current Pivot $63 to $64 (past week highs)Key Resistance $65 to $66 (200 MA $65.20)Resistance around $67$69 to $70 Main ResistanceSupport LevelsMay Range lows support $59 to $60.5 (Immediate support)Weekly lows $59.0422025 lows support $55 to $572019 support $53 to $54Mid-2019 Main support $51 to $52.51H Chart zoom_out_map US Oil (WTI) 1H Chart, November 7, 2025 – Source: TradingView Current price action is hanging within a consolidation triangle – Yesterday's breakdown attempt got rejected which adds a layer of support ($59)Monitor the 1H support and resistance zones:Watch for any break above the weekly highs ($61.40)On the lower side, watch for a break below $59To confirm, look for session closesOverall, the price action still looks like one of converging prices around $60 which may allow for some interesting range plays.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to today's North American session Market wrap for November 6Risk assets are flashing warning signs again as November records three losing sessions out of four, extending October’s shaky momentum.The Challenger job cuts report published this morning showed layoffs at their highest pace since October 2003, painting a grim backdrop for the US economy.While some argue AI-driven productivity allows firms to sustain profits with leaner teams, weaker employment inevitably risks weighing on consumption. Read More:Stocks get slammed again after a hopeful reboundUSD/JPY hits resistance: Bearish signal warns of a potential topBitcoin holds above $100,000, but for how long? This stands in contrast to the Fed’s recent hawkish tone, with Powell’s October remarks and this morning's cautious stance from a usual dove (Goolsbee) both pushing back against aggressive easing expectations.Meanwhile, AI leaders like Nvidia’s CEO and OpenAI’s CFO have started issuing warnings about growth sustainability.For now, sentiment is darkening, and the market seems to be questioning whether things can truly get much better from here – BUT, at only 5% from recent all-time highs, the darkest picture is still far.Cross-Assets Daily Performance zoom_out_map Cross-Asset Daily Performance, November 6, 2025 – Source: TradingView Today's flows were typical of a risk-off session: US Treasuries are back up, the VIX (not on chart) rose about 6%, gold stayed unchanged (decorrelated from the stocks) while the Equity/Crypto combo got hammered.Keep a close eye on if this materializes into a trend, as only price action and the bits of private releases guide market flows these days.A picture of today's performance for major currencies zoom_out_map Currency Performance, November 6 – Source: OANDA Labs The Asia session was a very calm one but things shaked up after the Challenger Job Layoffs report:The US Dollar took a hit, with the DXY falling below the 100.00 level, which profited mostly to the Yen (an enjoyer of stock selloffs).The GBP also finished the session stronger from the rate hold from the Bank of England.At the bottom of the ranks, the risk-on commodity currencies such as the AUD and the NZD, while the North American currencies stayed balanced.(In case you missed it, take a look at out most recent NA Markets update!)A look at Economic data releasing through tonight and tomorrow's session zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. It's unfortunately for traders once again a Non-NFP Friday tomorrow, as the ongoing BLS shutdown continues (although there is a light at the end of the tunnel with more positive ongoing discussions).Canada will however publish their employent numbers which may act as a proxy for North American labor activity (Canada had been sending poor numbers but surprised in the previous release).Beyond jobs, traders will also watch University of Michigan sentiment and inflation expectations later in the morning.The 10:00 Release may come particularly important amid the ongoing data drought.Plenty of ECB and Fed speeches are also lined up throughout the day – Watch mostly for hawkish surprises which may hurt the pricing for the Dec cut even further.The ECB Annual Conference on Money Markets is also ongoing but Markets haven't heard anything outstanding from it. Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Yesterday's session offered quite a positive rewind after what had been a rough start to the month.The powerful uptrends are still technically dominant in the global stocks' impressive yearly explosion, but ever since their first appearance at the big surprise in the August NFP, it seems that sellers are trying to make a decisive appearance again.The underlying technical background for equities has largely stayed positive: strong fundamental value underpinned by roughly 80% of reporting US firms showing growth, combined with a projected dovish path from the Fed while the economy stands solid, had fueled exactly what the bulls needed to close last month at new highs.But the relentless march to consistent new record levels keeps raising the same critical question: Are stock valuations simply too high now?Stock Markets are closing today's session at their lows and at key inflexion points for future action. zoom_out_map US Equity heatmap – November 6, 2025 – Source: TradingView The Federal Reserve's most recent not-so-dovish return—delivered during what was still technically a rate cut—appears to have finally started to scare highly leveraged participants. In response, traders are now aggressively taking profit on this uncertainty.Some analysts also warn of a rally lacking breadth (leaders bring the market up while the others lag), AI and financial leaders are issuing public warnings and there are even mentions of an Hindenburg Omen (although the accuracy of such signal has reduced as of late).One thing is for sure: Volatility is going to stay elevated, and this is generally a good thing for traders! (Less for investors)Let's have a closer look at intraday charts for all major stock indices: the Dow Jones, Nasdaq, and S&P 500, to gauge the immediate momentum. Read More:Bitcoin holds above $100,000, but for how long?USD/JPY hits resistance: Bearish signal warns of a potential topBoE Hold Rates Steady in Close 5-4 Vote Split, GBP/USD Continues RallyDow Jones 2H Chart and technical levels zoom_out_map Dow Jones 2H Chart, November 6, 2025 – Source: TradingView Our past-day analysis looked at the mini-trendline which needed to hold for bullish prospects.But the Dow could not hold the wave of profit-taking which took the index to retest the September 23 previous record (46,794 on the CFD – 46,714 on the actual Index).A close below this key level may bring further continuation, as the RSI momentum consistently grinds lower.On the brighter side, staying above the 45,000 level – Key for a Market barometer – maintains the higher timeframe bullish picture.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,0904H MA 50 and resistance at 47,500ATH Resistance Zone 47,900 to 48,100post-FOMC highs resistance zone around 46,400 (immediately testing)Support LevelsShort timeframe pivot 47,000 to 47,20046,400 major support46,000 higher timeframe Pivot now support45,000 psychological level44,400 to 44,500Nasdaq 2H Chart and levels zoom_out_map Nasdaq 2H Chart, November 6, 2025 – Source: TradingView The current 4% correction from the 26,200 All-time Highs is evolving in a small downward channel which contains both buying and selling within.Sellers are now reaching the lower bound of the May upward channel, a key high timeframe technical aspect to keep an eye on.A rebound here (around 25,000) may be bringing some dip-buying opportunities, however, a break and close below could also bring more selling (as higher timeframes show overbought signs).Nasdaq technical levels of interest:Resistance LevelsCurrent ATH 26,283 (CFD)All-time high resistance zone 26,100 to 26,300Intermediate resistance and 4H MA 50 25,700 to 25,850Mini-resistance at 25,400 Gap and MA 200Session highs 25,730 and MA 50Support LevelsCurrent Pivot 25,050 to 25,200 (Tuesday lows 25,186)24,500 intermediate supportOctober lows 23,997Early 2025 ATH at 22,000 to 22,229 SupportSession Lows 25,110S&P 500 2H Chart and level zoom_out_map S&P 500 2H Chart, November 6, 2025 – Source: TradingView Down close to 1% on the session as we speak, the index representing the 500 best US firms is not resisting to the pressure.Yesterday's analysis indentified a topline that acted as fuel for profit-taking with the confluence of the 50-period Moving average (6,811).Watch the psychological, round levels:A weekly close above 6,800 should act as a positive levy for continuation.Else, below 6,700, a larger pullback could be starting.S&P 500 technical levels of interest:Resistance Levels6,930 (current All Time-Highs)ATH Resistance 6,900 to 6,930Intermediate resistance 6,830 to 6,855Daily highs 6,796Support Levels6,707 session lowsPivot and MA 200 6,720 to 6,750 (testing)6,680 to 6,700 support6,570 to 6,600 Key support6,490 to 6,512 Previous ATH now Support (4H MA 200 Confluence)PS: The Fear and Greed Index indicates Extreme fear, but with prices less than 5% from all-time highs, it doesn't look like things are quite there yet.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

USD/JPY, arguably the most volatile FX currency pair, has certainly held its reputation this year with a constant flurry of uptrends and downtrends. The first half of the year, demarcated by widespread dollar-selling, took the pair to lows not seen since September 2024 at 139.20.However, a Liberation Day bottom in the dollar followed by a prolonged multi-month range led to a huge, decisive rebound in the pair. Fundamentally, the still large yield differential—between the near-zero 0.50% in Japan and the persistently above 4% for the US 10-year yield—remained a fundamental boost underpinning demand for the US Dollar against the Yen.This phenomenon significantly accelerated after Takaichi Sanae's appointment as Japan's Prime Minister. As a notable fiscal dove following the ultra-loose policies of former PM Shinzo Abe to bolster Japanese economic growth, the Yen could not resist the renewed pressure. After the election, USD/JPY jumped 1600 pips in a breakout gap and kept on going to the recent 154.50 highs, 4.70% above the October open.Only recently, interesting technical developments may have marked a new intermediate top.A bearish daily divergence is helping mean-reversion selling in the current risk-off session.Explore its impact through our mulit-timeframe analysis of the FX pair.USD/JPY multi-timeframe technical analysisDaily Chart zoom_out_map USD/JPY Daily Chart, November 6, 2025 – Source: TradingView The pair broke out far above its slower moving-averages but held rebounded several times on its 20-Day Moving Average (currently at 152.420) key technical pattern to monitor for immediate trends.The new month may have marked the end of the ongoing rally however with the pair's buying momentum regressing from overbought levels; the Daily RSI even shows a Daily divergence - a typical sign of trend exhaustions.Bearish divergences happen when new highs in price are not followed by new highs in momentum (or buyer strength) and the inverse can happen for a bullish divergence.Such breakouts may not immediately be followed with a reversal, but the recent risk-off markets (Equities and Cryptos selling) seen since the middle of last month may provide a boost to the Yen.Let's take a closer look.USD/JPY 4H Chart and technical levels zoom_out_map USD/JPY 4H Chart, November 6, 2025 – Source: TradingView USD/JPY technical levels of interest:Support Levels:Shorter timeframe momentum pivot 152.00 to 152.50151.50 Oct 28 rebound (minor support)July 150.00 to 150.90 supportMay Range Extremes 148.50 to 149.00Resistance Levels:Recent highs 154.50Daily Resistance at February 2025 highs 154.00 to 155.004H MA 50 at 153.40156.00 upside resistanceUSD/JPY 1H Chart zoom_out_map USD/JPY 1H Chart, November 6, 2025 – Source: TradingView The current move has been one-sided for mean-reversion sellers taking the pair to a break of its ascending wedge.An interesting test of the 153.00 handle, right around the current session lows, should offer a key mark to follow:A daily close below could prompt further sellingA rebound from here may lead to a break-retest of the wedge.If buyers step again above 153.70 (look for a 4H candle close), a re-entry in the uptrend keeps high probabilitySafe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Cryptocurrencies have held their record prices and valuations in a gigantic 2025 rebound.The outstanding run in digital money has been bolstered by much better regulation and significant dollar diversification, with sanctions further accelerating the need for different means of transacting.Helping consistent stablecoin growth, de-globalization trends are playing their part for the general Crypto market growth. zoom_out_map Stablecoin growth in 2025 from $200B to close to $300B – Source: Coingecko This has become increasingly important as tariffs hurt US trade, international SWIFT usage faces scrutiny, and sanctions are bypassed by major players like Russia and China, particularly in Asia.Nonetheless, despite resilient Bitcoin prices, the world's largest crypto has started to show some warning signs that it's jaw-dropping rise isn't as invincible.A dip right below the $100,000 psychological mark just last week follows a mid-October flash crash that had erased above $600B of valuation in one day (before a fast recovery).Unfortunately for digital currency aficionados, only 15 days have seen upticks in cryptos in the past month with sellers now in short-term control. zoom_out_map Daily overview of the Crypto Market, November 6, 2025 – Source: Finviz Now moving in mildly corrective sequences, major altcoins like Solana and ETH have stopped their fulgurant ascent and are beginning to retest lower levels.The latest Trump-Xi meeting has also put back international relations back on the table, which have hurt gold, also performing strongly in 2025.This has led to widespread profit-taking, which is clearly visible in the Crypto total market cap, which has fallen by 20% from its record highs and now holds below its December 2024 previous record. zoom_out_map Total Crypto Market Cap, November 6, 2025 – Source: TradingView Read More:North American mid-week Market update – Some reversal in 2025 flowsUS Dollar (DXY) Jumps Past 100.00: Fed Rate Cut Bets Fall & Strong US Data. Will this Continue Throughout Q4? The other side of the coin can offer the view that the sudden rise in cryptos haven't many retracements if any.Retracements are typically good for consolidating value in any markets – But avoiding a bear market remains essential for future growth prospects.Dip-buying Opportunity or trap? Let's find out through a multi-timeframe analysis of the top 1 crypto.Bitcoin multi-timeframe technical analysisDaily Chart zoom_out_map Bitcoin Daily Chart, November 6, 2025 – Source: TradingView Bitcoin has failed to hold its $106,000 to $108,000 consolidation at its precedingly major support.The first crack of support happened through the week following the flash crash, but the consequent rebound formed a bull trap.Shortly after, a retest of the $116,000 level brought sellers to complete a lower high sequence.The $100,000 still offers a tenace look for the crypto market and stays a barometer for sentiment.Daily closes above and below will be interesting to watch.While prices are resiliently holding around the 200-Day MA ($102,700), let's take a closer look.4H Chart and technical levels zoom_out_map Bitcoin 4H Chart, November 6, 2025 – Source: TradingView Buyers are stepping in to hold right above the $100,000 Main Support Zone.Now evolving in a descending channel, reactions to its lows will be key:A break below the channel should trigger seller acceleration to the $93,000 SupportOn the other hand, staying above $100,000 (watch for the weekly close) favors a rebound towards the Pivot zone (in confluence with the 50-period MA - $107,300)Levels of interest for BTC trading:Support Levels:$99,000 to $100,000 Main Support$93,000 mini-support$85,000 mid-term Support (+/- $1,500)$75,000 Key long-term supportResistance Levels:Current ATH Resistance $124,000 to $126,000Current all-time high $126,250$116,000 to $118,000 ResistanceMajor Support Zone–Now Pivot previous ATH $106,000 to $108,000 (and 4H MA 50) Safe Trades!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Log in to our mid-week North American Markets overview, where we examine the current themes in North America and provide an overview of indices and currency performances.The end of last week and the start of this one saw a strong reversal of the dominant 2025 market flows for NA assets.A strong wave of profit-taking hit risk-assets: US and Canadian equity markets saw sharp consolidation.Cryptocurrencies were also hit particularly hard which simultaneously provided a significant boost to the US Dollar, which rallied sharply against most majors.This reversal came immediately after the ASEAN meeting, which finally saw the much-anticipated meeting between President Trump and President Xi Jinping. The result was a temporary truce and the establishment of some deals with China, despite many critical trade and tariff issues remaining unresolved. This de-escalation immediately undid some of the "de-globalization trade" that had dominated 2025—a flow characterized by selling the US Dollar and buying equities and metals. Read More:Services PMI and ADP beats fuel US stock market returnUS Dollar (DXY) Jumps Past 100.00: Fed Rate Cut Bets Fall & Strong US Data. Will this Continue Throughout Q4?US Dow Jones: A star performer amid the current US AI stocks sell-off The Dollar also benefited from the strong selling pressure seen in Gold, which experienced a sharp sell-off from its recent all-time high prices, driven by the improved US-China relationship. Despite starting the current sessions with momentum, both US Stocks and the US Dollar are now seeing some reluctance, with ongoing Supreme Court talks around the legal status of the tariffs. US car companies, however, are major benefactors of these developments, with both GM and Ford up above 2.50% today on hopes of clearer tariff paths ahead. Let's dive right into a few charts to get an overview on North American Markets, from US and Canadian equity Markets performance, USD and CAD performance to USDCAD and DXY charts.North-American Indices Performance zoom_out_map North American Top Indices performance since last Monday – November 5, 2025 – Source: TradingView Dollar Index 8H Chart zoom_out_map Dollar Index 8H Chart, November 5, 2025 – Source: TradingView I Invite you to check out our most recent in-depth analysis of the US dollar to learn more about what shaped its recent moves and get some interesting takes on what to expect for the Greenback looking forward.US Dollar Mid-Week Performance vs Majors zoom_out_map USD vs other Majors since last Monday, November 5, 2025 - Source: TradingView. Canadian Dollar Mid-Week Performance vs Majors zoom_out_map CAD vs other Majors, November 5, 2025 - Source: TradingView. Intraday Technical Levels for the USD/CAD zoom_out_map USD/CAD 4H Chart, November 5, 2025 – Source: TradingView After the steep rise from the past week, ongoing tariff talks are adding some uncertianty in the USD, leading to a short-term retreat in the pair.Nonetheless, US dollar bulls have held the pair comfortably above the 1.40 mark, a very decisive psychological region.Levels to place on your USD/CAD charts:Resistance LevelsApril 2025 Pivotal Resistance 1.41 - 1.4150Nov 5 weekly and multi-month highs 1.4140Key resistance 1.4250Support Levels1.40 to 1.4050 Key Pivot (4H MA 50)Major Daily Pivot 1.39 (+/- 200 pips)1.38 Major support +/- 150 pips1.3550 Main 2025 SupportUS and Canada Economic Calendar for the Rest of the Week zoom_out_map US and Canadian Data for the rest of the week, MarketPulse Economic Calendar The US Bureau of Labor Surveys is still closed due to the shutdown, once again preventing the release of the monthly Non-Farm Payrolls release.The Canadian Dollar will be watched closely once again with Governor Macklem speaking twice in two days (His first speech just got published, you can access it here).Tomorrow (Thursday November, 6) will see the release of Canada's Ivey PMIs and Friday should see the release of the Canadian Employment figures. It will be interesting to see if the upbeat ADP report from this morning in the US also spreads to the Northern neighbor.In the absence of much US data, US traders will look closely at the Michigan Sentiment index releasing Friday at 10:00 A.M.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Market Insights Podcast (05/11/2025): In today's episode, TraderNick and podcast host Jonny Hart discuss the latest in Fed monetary policy projections, a beat in ADP jobs numbers, as well as the recent sell-off in AI stocks, especially Palantir. Join Nick Syiek (TraderNick) and podcast host Jonny Hart as they review the latest market news and moves. MarketPulse provides up-to-the-minute analysis on forex, commodities and indices from around the world. MarketPulse is an award-winning news site that delivers round-the-clock commentary on a wide range of asset classes, as well as in-depth insights into the major economic trends and events that impact the markets. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

The start of the trading day can carry the ghosts of the previous sessions, and today certainly had the potential for a chill. However, after recent fears that the US economic picture couldn't get much better—especially with tariffs biting and a prior softening in the labor market—the mood shifted abruptly thanks to a more positive wave of data.Sentiment turned postive mid-morning after we got a surprising lift in US activity:The morning session offered a beat on the employment front as the ADP Non-Farm Employment Change clocked in at 42K, largely surpassing the 25K forecast. This rebound in private sector hiring helped dispel fears about a degrading US labor picture, amid a still ongoing lack of public BLS data.Shortly after, US Services PMI surged to 52.4, comfortably beating the 50.8 expectations and signaling the strongest growth for the service sector since February. zoom_out_map 1H Chart Outlook for US Equities – November 5, 2025 – Source: TradingView These positive surprises fueled a widespread rebound in risk-assets, with all major US indices turning positive in Wednesday trading. This morning's strong recovery saw indices dip-buying as the S&P 500 fills its gap. zoom_out_map US Equity heatmap – November 5, 2025 – Source: TradingView Let's have a look at intraday charts for the Dow Jones, Nasdaq and S&P 500 to see where price action stands after recent volatile swings. Read More:US Dow Jones: A star performer amid the current US AI stocks sell-offUS Dollar (DXY) Jumps Past 100.00: Fed Rate Cut Bets Fall & Strong US Data. Will this Continue Throughout Q4?Markets Today: China Services PMI Hits 3-Month Low, Equities Slide, FTSE 100 Eyes Fresh HighsUS Index analysis and technical levels: Dow Jones, Nasdaq and S&P 500Dow Jones 4H Chart zoom_out_map Dow Jones 4H Chart, November 5, 2025 – Source: TradingView The Dow posted a strong bullish candle during the morning session, bringing momentum right above neutral for the industrial index.With the rally being stronger in tech than consumer defensive, some profit-taking happened at the 4H MA 50 which is the daily resistance that bulls will want to breakA triangle formation is also forming after the past week's correction and the most recent support, a technical pattern to watch to look out for in upcoming trading.Dow Jones technical levels of interest:Resistance LevelsCurrent All-time high 48,0904H MA 50 and resistance at 47,500ATH Resistance Zone 47,900 to 48,100post-FOMC highs resistance zone around 46,400 (immediately testing)Support LevelsShort timeframe pivot 47,000 to 47,20046,400 major support46,000 higher timeframe Pivot now support45,000 psychological level44,400 to 44,500Nasdaq 4H Chart zoom_out_map Nasdaq 4H Chart, November 5, 2025 – Source: TradingView Despite the brutal past week correction from its all-time highs, the tech-heavy index remains well within its May 2025 upward channel.Up above 1.50% since yesterday's close, bulls really enjoyed the news on the Services PMI, prone to tech overperformance.Nonetheless, buyers will have to maintain momentum (RSI right at neutral) towards the close and will have to breach the MA 50 to retake new all-time highs.Nasdaq technical levels of interest:Resistance LevelsCurrent ATH 26,283All-time high resistance zone 26,100 to 26,300immediate resistance and 4H MA 50 25,700 to 25,850Support LevelsCurrent Pivot 25,050 to 25,200 (Tuesday lows 25,186)24,500 supportOctober lows 23,997Early 2025 ATH at 22,000 to 22,229 SupportS&P 500 4H Chart zoom_out_map S&P 500 4H Chart, November 5, 2025 – Source: TradingView The S&P also sparked a strong rebound in the morning session, with the last 4H candle closing at its highs.Similarly as the Dow however, an immediate resistance level is getting reached which will have to be breached by the bulls for further continuation (look at the 4H 50 MA 6,855 for confirmation).A triangle formation should precede strong breakout levels, the rest will be to spot whether they come to the upside or the downside. Keep an eye on sentiment across all assets (Cryptos, Equities and Gold which correlate well this year.)S&P 500 technical levels of interest:Resistance Levels6,930 (current All Time-Highs)ATH Resistance 6,900 to 6,930Immediate resistance 6,830 to 6,855Support LevelsPivot and MA 200 6,720 to 6,750 (Tuesday lows)6,680 to 6,700 support6,570 to 6,600 Key support6,490 to 6,512 Previous ATH now Support (MA 200 Confluence)Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Most Read: Gold (XAU/USD) Price Slips 1.5% as $4000/oz Handle Remains Elusive. What Comes Next?The US Dollar has pushed beyond the 100.00 psychological level today as markets still price in a more hawkish policy from the Federal Reserve moving forward.Interest rate futures now suggest there's about a 70% chance the Federal Reserve will cut its main interest rate in December. This is a noticeable drop from the nearly 90% chance calculated before the Fed's policy meeting last week.This lowered expectation of a rate cut has made traders less keen to sell the US dollar, causing the currency to recover some of its recent losses. Even so, the dollar is still weaker overall this year, currently down about 8% compared to where it started the year, though it was down nearly 11% in September.Essentially, the market still expects the dollar to weaken over the longer term, but the immediate pressure to sell has eased a bit.US ADP and PMI Data Beat Estimates This was helped further today by US ADP and PMI data, both of which exceeded expectations.US private businesses hired more people in October 2025, adding 42,000 jobs. This was a positive turnaround after companies had cut a revised 29,000 jobs in September, and it was better than the 25,000 jobs that experts predicted.In terms of wages, the annual pay raise for workers who stayed in their jobs remained flat at 4.5%. For those who changed jobs, the pay increase also held steady at 6.7%. According to the chief economist at ADP, Dr. Nela Richardson, this stable pay growth for over a year suggests that the number of workers available (supply) is now matching the number of jobs needed (demand). zoom_out_map Source: ADP ADP data has become even more important as the US Government shutdown rumbles on.Looking at the PMI data, the service sector of the US economy grew much faster in October 2025. The key indicator, the ISM Services PMI, jumped to 52.4 from 50 in September, which was better than expected and showed the strongest growth since February. This boost was largely due to a sharp increase in both business activity and new orders.This is a big positive for the US given that the economy is largely service driven and not manufacturing driven.However, companies are still hesitant about the future. The number of people employed continued to shrink (indicated by a reading of 48.2), showing businesses aren't confident enough to start widespread hiring yet.The ISM Chair, Steve Miller, noted that while there were no massive layoffs, several companies mentioned the past federal government shutdown as a source of concern impacting business and potentially leading to future job cuts. Additionally, companies are finding it easier to keep up with demand, as the backlog of orders continued to drop (a reading of 40.8), marking a three-and-a-half-year trend where companies have more than enough capacity to handle new business and reduce their existing backlogs.Finally, price pressures slightly increased, with companies reporting that tariffs are continuing to drive up the cost of goods and services they purchase.US Dollar to Struggle Heading Into Year End? Despite the US Dollars recent renaissance, a recent poll showed that 30 out of 45 currency strategists believe US dollar positioning will be net-short at end-November.This was backed up by a recent Reuters survey, where forecasters were cautious, with many sharing the opinion that the US Dollar could end up being weaker than they currently predict. A slight majority of experts (about 53%) think the dollar is more likely to fall further.One of the key reasons cited in the survey is politics. The risk according to survey participants is that as the current US administration stays in power, it will have increasing political influence over the Federal Reserve as it appoints more members to the Fed Board (Fed Chair Powell's term is up in March 2026 i believe).The current administration is seen as more assertive in using that control, which is why many analysts forecast the Fed will lower interest rates significantly, causing the dollar's value to drop over time.As for the US Dollar against other major currencies, the survey revealed that analysts expect the Euro will get slightly stronger, rising by just under 3% to 1.18 against the USD in the next three months and hitting 1.20 in six months. The prediction for a year from now remains stable at 1.21, a figure that hasn't changed much in four months. zoom_out_map Source: LSEG (click to enlarge) Technical Analysis - US Dollar Index (DXY) From a technical perspective, the US Dollar index has finally breached the 100.00 level after 3 months.The previous foray above the 100.00 mark was met with swift selling pressure.Will this time be different?At present the 200-day MA may play a big role as price is currently testing the 100.38 handle where the 200-day MA rests.A break above this MA will be the first time price trades above it since March the 5th.This would be a big deal and could embolden buyers which could push the US Dollar index higher. However, the period-14 RSI is now trading in overbought territory and could lead to some profit taking which could lead to a short-term pullback.For now immediate support is found at 100.00 and the 99.57 handle. A daily candle close below the 98.65 handle would lead to a change in structure and put bears back in the conversation.US Dollar Index Daily Chart, November 5, 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Key takeaways Dow Jones outperforms as major US AI stocks tumble — the Nasdaq 100 and S&P 500 dropped 2.1% and 1.2%, while the Dow fell a milder 0.5%.Financials show resilience with JPMorgan, Bank of America, Goldman Sachs, and Morgan Stanley holding steady or posting modest gains, signalling no systemic stress.Technical setup favours a rebound, with the Dow Jones holding above its 20-day moving average and bullish signals emerging from the RSI momentum indicator. The technology-heavy Nasdaq 100 and S&P 500 tumbled on Tuesday, 4 November, by 2.1% and 1.2% respectively, weighed down by an 8% plunge in Artificial Intelligence (AI) favourite Palantir Technologies, despite its Q3 earnings beat.The selloff was driven by valuation concerns, as Palantir’s price-to-sales ratio surged to 85 as of Friday, 31 October, the highest in the S&P 500. Adding to bearish sentiment, hedge fund manager Michael Burry revealed short positions against Palantir and Nvidia in his latest 13F filing.Notably, the US financial sector remained largely insulated from the tech rout, signaling no signs of systemic contagion. Major lenders JPMorgan Chase and Bank of America ended flat, while investment banking leaders Goldman Sachs and Morgan Stanley posted modest gains of 0.7% and 0.2%, respectively. This resilience helped the Dow Jones Industrial Average outperform, dipping by a milder 0.5% on the same day.Let’s now examine the technical factors, short-term (1 to 3 days) trajectory, key elements, and key levels to watch on the US Wall Street CFD Index (a proxy of the Dow Jones Industrial E-mini futures).S&P 500 US Financials sector underperformance has eased zoom_out_map Fig. 1: Relative strength of US S&P 500 Financials & Technology sectors ETFs as of 4 Nov 2025 (Source: TradingView) The US S&P 500 Financials sector exchange-traded fund (XLF)’s six months of underperformance against the S&P 500 exchange-traded fund (SPY) has started to lose momentum, as shown by its relative strength chart, XLF/SPY (see Fig. 1).The ratio of XLF/SPY has started to shape a “higher low”. In contrast, the current top outperformer, the US S&P 500 Technology sector exchange-traded fund (XLK), which consists of those mega-cap technology stocks such as Nvidia, Microsoft, and Apple, has started to lose steam as indicated by the “lower high” of its relative strength chart, XLK/SPY.Given that the Financials sector forms the biggest weightage of around 30% in the Dow Jones Industrial Average, a reversal of fortunes in the Financials (a further slowdown of underperformance against the S&P 500) may support a positive feedback loop back into the Dow Jones.Preferred trend bias (1-3 days) – Potential recovery at 20-day moving average zoom_out_map Fig. 2: US Wall Street 30 CFD Index minor trend as of 5 Nov 2025 (Source: TradingView) Bullish bias on the US Wall Street 30 CFD Index with 46,740 as the key medium-term pivotal support. A clearance of 47,255 increases the odds of a short-term bullish reversal towards the next intermediate resistances at 47,460 and 47,750 in the first step (see Fig. 2).Key elements The price action of the US Wall Street 30 CFD Index has formed a daily bullish “Hammer” candlestick pattern right above the upward-sloping 20-day moving average on Tuesday, 4 November, after a prior 5-day corrective decline from its current all-time high of 48,088 on 29 October.The hourly RSI momentum indicator has staged a breakout above its descending resistance, which suggests a potential revival of short-term bullish momentum.Alternative trend bias (1 to 3 days) A break below the 46,740 key support invalidates the bullish reversal scenario on the US Wall Street 30 CFD Index for a deeper corrective decline towards 46,350 and even 45,485 next. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Asia Market Wrap - Asian Tech Shares Drag Indexes Lower Most Read: Nikkei 225: Plummeted towards a key inflection support zone at 49,370/48,450 for potential bullish reversalAsian stock markets experienced rollercoaster price action on Wednesday due to a sudden and sharp decline in prices, leading to the highest level of market unpredictability in months. This upheaval was triggered by similar worries about high stock valuations that had caused a slump on Wall Street.The markets in Japan and South Korea were hit the hardest, with heavy selling targeting companies whose stock prices had recently soared.Although the intense selling slowed down later in the afternoon, the drastic shifts in prices highlighted how nervous investors were. Tokyo's main index, the Nikkei, initially plummeted nearly 7% from its Tuesday record high before partially recovering to be down 2.8%.Similarly, South Korean shares dropped as much as 6.2% before trimming losses to be down 2.9%. The broader Asia-Pacific index, the MSCI, saw its biggest drop (2.3%) since early April before closing 0.9% lower.Major companies felt the pain: SoftBank Group in Japan dived as much as 14.3% following a drop in the US tech-heavy Nasdaq, while in South Korea, SK Hynix and Samsung Electronics fell by as much as 9.2% and 7.8% respectively.In contrast, Chinese shares eventually rose despite an early dip and a report showing the service sector grew at its slowest pace in three months.The CSI 300 index was last up 0.5% after China's tariff commission announced it would temporarily remove a 24% additional tariff on US goods for a year, though a 10% levy would remain, following the recent meeting between President Xi Jinping and US President Donald Trump.China Services PMI Slumps The service sector in China grew at a slightly slower pace in October 2025, with the RatingDog China General Services PMI dropping to 52.6 from 52.9 the month before, although this was still slightly better than expected.This lower reading indicated the slowest growth for the service industry since July. The main reason for the slowdown was a small drop in business from foreign customers, likely due to increased uncertainty in global trade. However, the good news was that domestic demand improved, and the total number of new customer orders grew faster than before. On the negative side, companies hired fewer people, partly because they had enough capacity and were worried about costs.When it came to prices, the cost of running the business (like wages and raw materials) went up at the fastest rate in a year. In contrast, companies lowered their selling prices slightly to attract sales in a more competitive market. Looking forward, business confidence weakened a bit due to worries about the future of global trade and growing competition.European Session - European Shares Lower, Earnings in Focus European stock markets reached their lowest point in two weeks on Wednesday because investors worldwide were still worried that stock prices were too high.The main European index, the STOXX 600, dropped 0.4%, trading at levels last seen around mid-October. The biggest losers were technology stocks, which fell 1.3%, while typically safer sectors like food and beverage stocks saw a slight increase.These fears about high stock valuations came back this week after record-setting rallies in the US (Wall Street) and Asian markets, largely fueled by excitement over artificial intelligence. Comments from major US banks on Tuesday added to these worries.Corporate earnings also drove market movements. Shares in Novo Nordisk (the maker of the drug Wegovy) slipped 2% after the company lowered its full-year profit forecast. This happened as the Danish drugmaker's new CEO begins a major restructuring to better compete in the intense market for obesity drugs.Another Danish company, Ambu (which makes endoscopy solutions), saw its shares plunge 12% after its results fell short of analyst predictions. In positive news, wind turbine maker Vestas saw its shares jump 10% after it reported third-quarter operating profits that were better than expected.On the FX front, The dollar remained strong after hitting its highest level since April 1 late on Tuesday. The value of the US dollar index held steady at 100.16 after reaching a high of 100.25 at the close of trading on Tuesday. It also remained mostly unchanged against the euro, trading at 1.1486 per euro, following a 0.3% rise in the previous session that had pushed it to a seven-month high.The nervousness that had caused traders to seek safety in foreign exchange markets in Asia disappeared by the time European trading began. This caused the safe-haven Japanese yen to lose its earlier gains, while currencies from the southern hemisphere, like the Australian and New Zealand dollars, moved higher., and the Swiss franc also stayed up.Specifically, the risk-sensitive Australian dollar successfully bounced back from a 0.5% drop that had taken it to a multi-week low, ending the session slightly higher against the U.S. dollar. The New Zealand dollar recovered from a seven-month low (hit after the country reported its highest unemployment rate since 2016) and was last up 0.3%. However, the New Zealand currency did briefly drop to its lowest value against the Aussie dollar in 12 years.Meanwhile, the British pound (sterling) struggled to rise, remaining near a seven-month low following hints from the British finance minister, Rachel Reeves, on Tuesday about potential broad tax increases in her upcoming budget.Currency Power Balance zoom_out_map Source: OANDA Labs Oil prices slightly decreased on Wednesday. This dip was a result of the general decline across financial markets and the strength of the US dollar. Investors were also evaluating the future supply of oil.Brent crude (the global benchmark) fell marginally by 6 cents to $64.38 per barrel, after hitting its lowest price in nearly two weeks during the previous day. U.S. West Texas Intermediate (WTI) crude also edged down by 7 cents, trading at $60.49 per barrel.Gold prices increased on Wednesday as investors looked for cheaper deals after the metal had dropped to its lowest price in nearly a week during the previous trading session.The price of spot gold rose 0.9% to $3,966.65 per ounce, recovering from a drop of more than 1.5% on Tuesday.Currently, investors are also closely watching the release of U.S. private sector jobs data, as they hope to find hints about when the US central bank might start lowering interest rates.For more on Gold prices, read Gold (XAU/USD) Price Slips 1.5% as $4000/oz Handle Remains Elusive. What Comes Next?Economic Calendar and Final Thoughts Markets have become more cautious this week, with investors adopting a more "defensive" attitude. There isn't one single clear reason for this shift, but if the markets experience a significant correction (a major drop), investors are likely to point to a few factors: concerns over high stock valuations, uncertainty about how many times the US Federal Reserve (Fed) will lower interest rates, and possibly even the election of Zohran Mamdani as the mayor of New York.Today, the most anticipated economic news is the release of the ADP private sector jobs report for October. Experts predict a small gain of 30,000 new jobs, after a loss of 32,000 last month.This report is once again closely watched by the market because official government jobs data is unavailable. A result that matches the expectation would likely support the US dollar, as it would reduce the certainty that the Fed will cut interest rates again in December (a move currently priced in with a 73% probability).Conversely, a weak or negative jobs number would likely cause the dollar to fall slightly and could actually help boost risky assets, based on the belief that the Fed would then be more likely to cut rates in December.Another key piece of data due out today is the ISM services report. Since this index is currently near the crucial 50-point mark (which separates growth from contraction), any result that is weaker than expected could help ease the strong upward pressure on the dollar zoom_out_map For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Chart of the Day - FTSE 100 Index From a technical standpoint, the FTSE 100 has found support just shy of the 100-day MA and is now eyeing a move to print fresh highs.The period-14 RSI has crossed back above the 50 neutral level hinting at the bullish momentum returning.This does bode well for a move to print fresh highs.If the 50 neutral level on the RSI holds, this could set the tone for a move toward fresh highs. There is some key resistance barriers that need to be cleared.Immediate resistance rests at 9766 before the 9800 handle comes into focus.A move lower here may find support at 9610 or potentially test the 100-day MA at 9562.FTSE 100 Index Daily Chart, November 5. 2025 zoom_out_map Source: TradingView.com (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.

Key takeaways Nikkei 225 correction: The index fell 6.6% from its record high of 52,664, testing a key support zone at 49,370/48,450 that may trigger a short-term bullish reversal.Macro resilience: Japan’s Citigroup Economic Surprise Index rose to 16.8, indicating continued economic outperformance and reinforcing long-term bullish fundamentals.Technical setup: Oversold RSI and a bullish hammer candlestick near the 20-day moving average signal potential bullish momentum. This is a follow-up analysis and timely update of our prior report, “Nikkei 225: Bullish trend remains intact for another potential all-time high of 50,860/51,030”, published on 24 October 2025.The Japan 225 CFD Index (a proxy of the Nikkei 225) has staged the expected rally and surpassed the highlighted short-term resistance zone of 50,860/51,030. It printed a new record peak of 52,664 on Tuesday, 5 November 2025, before it tumbled by 6.6% to print a current intraday low of 49,099 on Wednesday, 6 November 2025, at the time of writing.Bearish animal spirits in the US stock market, driven by stretched valuations in several major US stocks with an Artificial Intelligence (AI) theme, such as Palantir Technologies and Advanced Micro Devices, triggered a negative feedback loop in the Japanese stock market despite sound fundamentals, and an announcement made on Tuesday, 4 November, by Japanese Prime Minister Takaichi that her administration will roll out a new proactive growth strategy by next summer.Japan’s recent economic data is showing more positive surprises zoom_out_map Fig. 1: Japan Citigroup Economic Surprise Index with Nikkei 225 as of 31 Oct 2025 (Source: MacroMicro) The Citigroup Economic Surprise Index (ESI) for Japan has remained above the zero line since July 2025, indicating that Japan’s economic data continues to outperform market expectations. The ESI measures the gap between actual economic results and consensus forecasts, with positive readings signalling stronger-than-expected performance.Recently, Japan’s ESI climbed to 16.8 on Friday, 31 October, up from 13.2 on 28 October, a positive trend that reinforces the ongoing medium- and long-term uptrend in the Nikkei 225 (see Fig. 1).Next up, we will focus on the short-term (1 to 3 days) trajectory, key elements, and key levels to watch on the Japan 225 CFD Index from a technical analysis/momentum perspective.Preferred trend bias (1-3 days) – Potential bullish reversal at 20-day moving average zoom_out_map Fig. 2: Japan 225 CFD Index minor trend as of 5 Nov 2025 (Source: TradingView) Bullish bias with 49,370 as key short-term pivotal support, and a clearance above 50,090 increases the probability of a minor bullish reversal towards the next intermediate resistances at 51,090 and 51,730 in the first step (see Fig. 2).Key elements The price action of the Japan 225 CFD Index (a proxy of the Nikkei 225 futures) has formed an hourly bullish “Hammer” candlestick pattern after a retest on its upward-sloping 20-day moving average.The hourly RSI momentum indicator has reached a prior extreme oversold level of 13.9 seen on 10 October 2025, which led to the start of the prior bullish impulsive up move sequence that rallied by 16.6% (high to low) from the 10 October 2025 low to the 4 November 2025 current all-time high of 52,664.Alternative trend bias (1 to 3 days) Failure to hold at the 49,370 key short-term support invalidates the bullish reversal scenario on the Japan 225 CFD Index to trigger a deeper corrective decline towards the 48,450 key medium-term pivotal support. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2025 OANDA Business Information & Services Inc.