Forex Market Update: Dollar Slips as Gold Clears $4,000 in London

Session brief Bearish bias Nov 4, 2026, 07:36 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

The dollar is broadly softer in the London session, with EUR/USD and GBP/USD both higher and gold holding above $4,000, with Eurozone CPI and US ISM Services data due later today.

London Session Overview: Dollar Broadly Softer as Gold Extends Above $4,000

Through the London session the dollar is on the back foot against a broad set of currencies: the euro, sterling, the Canadian dollar and the yen are all firmer against it on the day, a pattern consistent enough across pairs to point to a bearish dollar bias for the session, even though daily trend readings on individual pairs remain mixed. Gold is the standout mover, up 2.35% on the day and holding above its R1 pivot level at 3968.97, after a day high of 4029 and a day low of 3919.82. Ethereum is also firmer, up 1.23%, while the Nasdaq 100 lags the board, down 0.65% on the day and sitting between S1 at 28018.4 and the daily pivot at 28165.2. New York joins the session at 12:00 UTC, adding liquidity to a market that has so far been shaped by London flows.

US Treasury yields closed slightly higher on November 3, with the 2-year yield at 4.61%, up 2 basis points, and the 10-year yield at 4.95%, up 4 basis points, leaving the 2s10s curve at 34 basis points. That modest richening sits alongside today's broader dollar softness but does not explain the scale of today's FX and gold moves on its own.

Instruments at a Glance

Majors in Focus: Euro and Sterling Clear Their Pivot Ladders

EUR/USD is trading at 1.12357, up 0.40% on the day, having pushed through R1 at 1.12062 to sit beyond the top of its pivot ladder after a day high of 1.12621 and a day low of 1.11823. The four-hour trend points higher even though the daily trend reads mixed, and the 14-day RSI at 42.7 suggests daily momentum is not stretched. Holding above R1 keeps the pair aligned with the current move; a retreat back below R1 would shift focus to the daily pivot at 1.11903, and a break of S1 at 1.11746 would call that advance into question.

GBP/USD is at 1.34727, up 0.45% on the day after clearing R1 at 1.34312, with a day high of 1.34781 and a day low of 1.34047. Its own four-hour trend is also higher, with the 14-day RSI at 58.7 firmer than the euro's reading. Should the pair slip back under R1, the daily pivot at 1.34132 comes back into view, while S1 at 1.33948 marks the lower edge of the current ladder. For a broader read across major currencies, the currency strength meter tracks these moves as they develop.

Commodities and Risk Assets: Gold Extends Its Advance

Gold is the session's clearest mover, up 2.35% on the day at 4022.26 and sitting above R1 at 3968.97 after a day high of 4029 and a day low of 3919.82. The daily trend still reads down and the 14-day RSI at 35.8 reflects that longer pullback even as the four-hour picture turns mixed. FXEmpire and FX Street both tied gold's push back above $4,000 to US midterm election results, framing the move around a broader dollar pullback, while FX Street separately flagged silver trading near one-year lows against the same political backdrop. A hold above R1 keeps the advance intact for now; a drop back under R1 would open a retest of the pivot at 3932.16, with S1 at 3893.29 as the next support beneath that. Readers tracking these ladders can run their own levels through the pivot point calculator.

Among risk assets, Bitcoin is up 0.41% at 78111.33, sitting between its daily pivot at 77334.28 and R1 at 78437.02, while Ethereum has added 1.23% to trade at 2299.88, also between its own pivot at 2271.06 and R1 at 2305.20.

Calendar Ahead: Eurozone CPI and US Services Data

A run of euro-area PMI readings opens the calendar, with Spain's HCOB Services PMI due at 08:15 UTC today against a previous reading of 58.3. The high-impact release is the Eurozone Harmonized Index of Consumer Prices at 10:00 UTC today, with the year-on-year estimate at 4% against a previous 3.8%, alongside core HICP estimated to hold at 2.5% year-on-year.

• 08:55 UTC today: Germany HCOB Composite and Services PMIs, both estimated to hold at 52.8 and 51.7
• 09:00 UTC today: Eurozone HCOB Composite PMI, estimated at 51.9
• 13:15 UTC today: US ADP Employment Change, estimate 69 against a previous 90
• 13:20 UTC today: ECB's Lane speech
• 14:45 UTC today: US S&P Global Composite PMI, estimated at 57.6
• 15:00 UTC today: US ISM Services PMI, estimated at 54.8 against a previous 54.9

The guide to using an economic calendar covers how estimate-versus-previous gaps like these fit into a session's context.

Bottom Line

Taken together, today's price action points to a broadly softer dollar: the euro, sterling, the Canadian dollar and the yen are all firmer against it, and gold's 2.35% advance fits the same pattern even as its own daily trend stays lower. With New York set to join at 12:00 UTC and a heavy data slate running from Eurozone CPI through US ISM Services, the pivot levels on EUR/USD, GBP/USD and gold outlined above offer a working reference as the session develops.