Forex Today: Midterms and jobs data come to the fore

FXStreetNov 3, 2026 7:13 PM

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The US Dollar (USD) has navigated a vacillating range on Tuesday, broadly in line with the rest of the FX galaxy, in a context of steady caution ahead of the US Midterm elections, upcoming key US data releases and steady uncertainty surrounding the Middle East crisis.

The US Dollar Index (DXY) has traded in a consolidative range just below the key 102.00 hurdle, up modestly for the day while reversing the previous day’s pullback. The usual MBA Mortgage Applications are due on November 4, seconded by the ADP Employment Change report, Balance of Trade results, the final S&P Global Services PMI, the ISM Services PMI, and the EIA’s weekly report on US crude oil stockpiles.

EUR/USD has charted a marginal advance, while a convincing surpass of the key 1.1200 barrier still remains elusive. The final S&P Global Services PMI in the EMU and Germany is due, followed by the preliminary Inflation Rate in the euro bloc.

GBP/USD has further extended its multi-day advance, reclaiming the area above the 1.3400 yardstick on Tuesday. The final S&P Global Services PMI will be the only data release across the Channel.

USD/JPY has clinched multi-day tops, flirting at the same time with its key 200-day SMA near 158.60. Next on tap on the Japanese docket will be the Monetary Base figures.

AUD/USD has come under renewed and strong downside pressure, revisiting the area of two-week lows near 0.6960 after the RBA’s rate hike failed to ignite fresh bullish momentum. The Household Spending prints are next on tap in Oz.

Front-month WTI futures (December contract) have weakened further, approaching the $93.00 mark per barrel following speculation that a diplomatic solution to the US-Iran conflict could be shaping up.

Gold has traded on the back foot, once again piercing the $3,900 mark per troy ounce while partially fading Monday’s bullish move. The precious metal’s bearish price action has come on the back of persistent bets for further Fed rate hikes and increasing caution prior to the US Midterm elections results.

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