[MARKET ANALYSIS] FX muted ahead of the US Jobs Report

DXY is slightly higher, supported as US Treasury yields rebound from Thursday's selloff. Focus will be on the US Jobs Report, with non-farm payrolls expected to rise to 65K for October, from the prior 29K, with the unemployment rate expected to hold steady at 4.2%.
EUR remains within Thursday's confines of 1.1203-1.1268, but edges towards the lower end of the range. Light docket for Europe, as markets will wait for the US data.
GBP is flat, with EUR/GBP holding below the 0.8350 mark following the hawkish BoE rate decision. BoE's Pill is expected to speak later today, and with the member seen as hawkish, it will be key to see his view on the future rate path.
JPY saw some initial strength at the beginning of equity futures trade, with USD /JPY falling to a low of 157.26 before reversing to the 158.00 handle as US equity futures find a steady footing.
Antipodeans are essentially flat, with AUD/USD contained within Thursday's range after its underperformance the prior session.

What our morning note said

US Market Open, 5 Nov, 10:57 UTC · what it led with

US President Trump said it was "largely true" that Republicans lost the midterms because of the Iran war, while he said he is not replacing War Secretary Hegseth.

European bourses build on recent advances; AI/memory sell off continues, with NQ -0.5% underperforming.

Headlines that moved markets

FX headlines from our feed, and what the market did next.

Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.

EUR/USD+0.1%

ECB policymakers see a December rate hike followed by a pause; New ECB staff estimates show the rise in bond yields cutting growth by a cumulative 100bps and inflation by 90bps in 2027-28 vs the September baseline, according to reports, citing sources.

EUR/USD−0.1%

ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.

EUR/USD+0.1%

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[MARKET ANALYSIS] FX muted ahead of the US Jobs Report

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