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Newsquawk US Pre-Market Moves
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GBPUSD slips on 5-4 vote
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Global Markets Stabilize After AI Stocks Reverse Losses
Markets started Thursday on a more stable footing after a rebound on Wall Street saw artificial-intelligence related shares recover ground.
The Nasdaq composite rose 0.6% after slumping in the prior session, the S&P 500 gained 0.4% and the Dow Jones Industrial Average ended up 0.5%. Still, U.S. stock futures edged slightly lower early in European business hours, Asian shares closed higher tracking the overnight action on Wall Street, while in Europe moves in major stock markets were muted.
Among today’s U.S. corporate earnings, ConocoPhillips and Warner Bros. Discovery report. Tesla shareholders will vote whether to approve a record pay package for Elon Musk.
SPX Chart
How to spot bull and bear market traps in crypto before they catch you
· Use confirmation, not hope: Wait for a higher-timeframe close and a clean retest before sizing up.
· Read leverage tells: Extreme funding plus rising open interest at a key level signals trap risk in the opposite direction.
· Don’t trust thin books: Off-hours liquidity, spoof orders, listings or unlocks can manufacture fake breaks.
· Respect liquidations: Cascades often mark exhaustion; snap-backs are common once forced flows clear.
FX option expiries for 6 November 10am New York cut
There is just one to take note of on the day
That being for EUR/USD at the 1.1500 mark. That could yet keep price action more limited and centered around the figure level in the session ahead. However, just take note that we are also seeing price move back to test the 100-hour moving average of 1.1512. That’s a key near-term level that will become more of a focus in European trading, with a break back above that allowing for the near-term bias to become more neutral. That especially after the pair snapped five straight days of declines in trading yesterday.
Newsquawk Daily US Opening News
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USDX (US DOLLAR INDEX)
- This is how you can use USDX to trade EURUSD
- This chart was posted yesterday with USDX around its high showing the 200 day mva just overhead.
- This gave an alert to watch for a potential bottom in EURUSD (which had a double bottom around 1.1468) and the rest is history.
- Note EUR is 57.6% of the USDX and the index is often used as a proxy for the EURUSD>
My thanks to JP for pointing out to me yesterday the 200 day mva.
USDX DAILY CHART
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Forex Market Snapshot
The dollar is trading weaker today with a clue coming yesterday when it failed to benefit from stronger ISM PMI data and higher yields. All currency pairs so far trading inside days.
- EURUSD is back above 1.15, clearly the pivotal level
- USDJPY is back below 154 after yesterday’s sharp bounce off 152.95 paused below 154.50 (high 154.35)
- GBPUSD is up ahead of today’s BOE rate decision after holding off a run at 1.30 yesterday (low 1.3010)
For your blotter
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In our blog
Understanding Forex Intervention: Lessons from Japan’s Approach to the Yen
With the USDJPY climbing to its highest level since February, traders are watching closely for signs of how Japan’s new government might respond.
Japan’s Finance Minister Satsuki Katayama recently delivered another strong verbal warning about currency movements, saying he remains “highly alert” to market fluctuations. His comments have fueled speculation that official intervention in the forex market could soon follow....
Newsquawk US Market Wrap
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Newsquawk US Market Wrap
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