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News
Monday, November 09, 2026
What’s happening: The US dollar slipped this morning but remained close to more than a year high.
What happened: The US dollar index rose the most in around six months on Friday as a strong NFP (nonfarm payrolls) report raised speculations of interest rate hikes.
The Australian dollar recorded gains versus the greenback as investors assessed the latest economic data.
Why it matters: Data released on Friday showed that US nonfarm payrolls jumped 165,000 in October, following a 60,000 gain in September. The figure was substantially higher than market estimates of 65,000. The unemployment rate edged lower to 4.1% in October, from 4.2% in September, signalling resilience in the US labour market.
The University of Michigan’s consumer sentiment index also improved to 51.0 in November, from October’s reading of 48.0. This, too, surpassed market estimates of 48.0.
The positive data releases sparked speculations of the Federal Reserve hiking its benchmark interest rates in December.
Recent comments from Fed officials also supported rate hike speculations. New York Fed President John Williams said that although US economic growth had shown remarkable resiliency, inflation remains too high. San Francisco Fed President Mary Daly signalled the need for further rate hikes despite the recent selloff in tech stocks.
The US dollar index, which measures the greenback’s performance versus a basket of major peers, slipped around 0.1% to 102.17 this morning, after jumping around 0.7% on Friday.
The AUD/USD forex pair gained more than 0.4% to reach 0.6898 this morning, after falling over 1% to its weakest level since March 31 on Friday.
Australia’s building permits jumped 5.1% to 17,948 units in September, in-line with the preliminary reading and recovering from a 5.2% plunge in August. The latest reading signalled the first gain in three months and supported sentiment for the Australian dollar.
The EUR/USD pair rose 0.1% to 1.1155 this morning, while the USD/JPY pair slipped 0.1% to 158.27.
What to watch: Investors now await the release of key inflation reports from the US this week. The CPI report will be released on Tuesday, while the PPI figures are scheduled for Friday. Analysts expect the US annual inflation rate to accelerate to 3.9% in October from 3.7% in September, while producer prices are projected to surge by 6.6% year-over-year, up from 6.3% in September.
Data on consumer inflation expectations (2000 UAE Time) will be released today. Median US inflation expectations for the year ahead, which surged 0.3 percentage point to 3.9% in September, are expected to ease to 3.8% in October.
Context: Crude oil prices traded higher this morning after recording sharp losses last week.
Details: Oil prices fell sharply last week after President Donald Trump indicated he would likely avoid further military strikes on Iran if the ongoing talks lead to progress on its nuclear program and the reopening of the Strait of Hormuz.
Trump also noted that the conflict, which resulted in a spike in oil and gasoline prices, contributed to the Republican defeat in the recent US midterm elections.
US crude oil prices shed nearly 13% last week as markets anticipated that a Democratic-led Congress would push for a fast diplomatic solution in the Middle East. However, US Secretary of State Marco Rubio called Iran’s current demands “unacceptable,” tempering optimism over a breakthrough in talks.
Weakness in the US dollar lent support to oil prices as a softer greenback makes commodities cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell around 0.1% to 102.17 this morning.
Spot price for WTI crude oil rose 0.8% to trade at $90.14 per barrel this morning, while Brent crude rose 0.3% to $97.02 per barrel.
In other energy trading, gasoline gained 0.4% to $2.7891, while natural gas climbed 0.7% to $3.018 and heating oil rose 0.5% to trade at $4.3536.
What to watch: Data on the US EIA’s (Energy Information Administration) crude oil stocks will be released on Thursday. US crude oil inventories declined by 0.865 million barrels in the week ended October 30, recording a fifth straight week of contraction. Distillate inventories fell by 3.565 million barrels, while gasoline inventories contracted by 0.222 million barrels during the week. Meanwhile, net US crude imports climbed 1.179 million barrels per day.
Other Markets: European indices closed lower on Friday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index down by 1.01%, 1.92%, 0.81% and 1.00%, respectively.
US President Donald Trump said he believes an agreement to end the ongoing war between Russia and Ukraine is close. The news sent the USD/RUB forex higher in forex trading this morning.
China’s annual inflation rate slowed to 0.7% in October from 0.9% in the previous month. This being the lowest inflation rate since June exerted pressure on the USD/CNY forex pair.
Japan’s official foreign reserve assets rose by $723 million to $1.179 trillion at the end of October from $1.178 trillion in the previous month, which sent the USD/JPY pair lower in forex trading this morning.
Canada’s Ivey PMI improved to 58.3 in October from 58.2 in the previous month. The latest reading topping market estimates of 58 exerted pressure on the USD/CAD forex pair.
Singapore’s official foreign exchange reserves slipped to S$551.32 billion in October from S$553.57 billion in the previous month. However, the USD/SGD pair fell in forex trading this morning.
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