Hello traders, and welcome to a new trading week and a new month — the first session of November! The week opens with a busy Monday calendar, offering traders plenty to digest right from the start. We already had inflation data from Switzerland, expected at –0.1%, which is an important indicator ahead of the next SNB policy meeting. Later today, attention will turn to the ISM Manufacturing PMI from the U.S., forecast at 49.4, which will give us a fresh read on the condition of the American manufacturing sector. We’ll also hear from Bank of Canada Governor Macklem, whose speech could bring volatility to the Canadian dollar, especially after the recent rate decision.
On the earnings front, things are quieter but not without interest — all eyes are on Palantir, which is set to publish its quarterly results after the market close. The stock has been under the spotlight for weeks, and traders are expecting strong volatility following the report, making this one of the key events of the day.
As for the markets, futures opened cautiously positive, slightly in the green, but without strong follow-through or major volatility — a typical pattern for the first trading day of a new month. On the currency market, the Japanese yen continues to weaken, fueling gains across yen pairs, while European currencies are firm, except for the British pound, which is slightly underperforming. The Australian and New Zealand dollars are also strong this morning, while the U.S. dollar trades flat, showing no clear direction ahead of the ISM data.
Turning to commodities, oil opens higher, extending its rebound, though the momentum remains moderate. Metals are more lively — silver continues its upswing, building on last week’s weekly hammer candle, while gold, platinum, and palladium also post modest gains. The only real weak spot to start the week comes from cryptocurrencies, where Bitcoin and Ethereum are sliding sharply lower, approaching the lows from October 30th. The risk sentiment is mixed overall — cautious optimism in equities, some resilience in commodities, and weakness in riskier digital assets.
November opens quietly but with potential. With key data and speeches ahead, this Monday might just be the calm before another wave of volatility.