Why is the US dollar advancing during today's London session?

The dollar is higher on the day in USD/CAD, up 0.29% at 1.40581, and in USD/JPY, up 0.15% at 157.877, while EUR/USD, GBP/USD and AUD/USD are lower. FX Street, FXEmpire and Action Forex are focused on the US payrolls release, but that coverage does not establish the cause of the move.

How could today's US Nonfarm Payrolls report affect major forex pairs?

Nonfarm Payrolls is scheduled today at 13:30 UTC, with a previous reading of 29 and an estimate of 65. No past reaction history is included here, so the release is a calendar item beside nearby levels, not a forecast. EUR/USD at 1.11778 is already below S1 at 1.11909, with the day low at 1.11668 and the daily pivot at 1.12293 overhead.

Which releases are on the calendar later today?

Today at 09:30 UTC brings speeches from Fed's Williams and ECB's Lane, and eurozone retail sales follow at 10:00 UTC. At 13:30 UTC the US labor figures, including Nonfarm Payrolls, line up with Canadian employment data, and Michigan consumer sentiment is set for 15:00 UTC.

Where is gold trading against its daily pivot?

Gold last printed at 4050.6, down 0.93% on the day, between S1 at 4048.77 and the daily pivot at 4097.77. The daily trend is down and the four-hour trend is up, so the two windows do not agree.

Forex Market Update London Session: Dollar Firmer, Trends Mixed

Session brief Neutral bias Nov 6, 2026, 08:38 UTC

Claire DuboisEuropean Markets Analyst · ForexR analyst

The dollar is firmer on the day in the London session, but mixed trends on several pairs keep the broader read neutral, with EUR/USD below S1.

Instrument	Last	Day change	Pivot	Daily trend
EUR/USD	1.11778	-0.35%	1.12293	Down
Gold (XAU/USD)	4,050.60	-0.93%	4,097.77	Down
GBP/USD	1.34038	-0.33%	1.34642	Mixed
Bitcoin (BTC/USD)	75,595.18	-0.27%	77,373.79	Down
USD/JPY	157.877	+0.15%	157.878	Mixed
AUD/USD	0.68759	-0.76%	0.69582	Down
USD/CAD	1.40581	+0.29%	1.39939	Mixed
Ethereum (ETH/USD)	2,228.95	-0.28%	2,290.46	Down
Nasdaq 100 (US100)	26,881.0	+1.46%	27,162.1	Down
WTI Crude Oil (XTI/USD)	90.555	+0.30%	88.881	Mixed
Data as of 2026-11-06 07:51 UTC.

London Session: Dollar Firmer on the Day

The London session is in progress, with New York joining at 12:00 UTC. On the day the dollar is firmer against the euro, sterling, the yen, the Australian dollar and the Canadian dollar. Nasdaq 100 leads the board, up 1.46% at 26881, although the daily trend and the four-hour trend are both still down and the five-day change is down 7.55%. WTI crude is up 0.3% at 90.555. USD/CAD is up 0.29% at 1.40581 and USD/JPY is up 0.15% at 157.877. Gold lags, down 0.93% at 4050.6, and AUD/USD is down 0.76% at 0.68759. EUR/USD is down 0.35% at 1.11778 and GBP/USD is down 0.33% at 1.34038. Bitcoin is down 0.27% and Ethereum is down 0.28%. On the live currency strength meter, AUD/USD is softer on the day than EUR/USD and GBP/USD. These percentages cover the whole day since the previous close, not London hours alone.

At the November 5 close, the 2-year yield was 4.46%, down 12 basis points from November 4, and the 10-year yield was 4.84%, down 6 basis points, with the 3-month yield at 4.17% and the 2s10s spread at 38 basis points. That is yesterday's rate context, not a demonstrated cause of this morning's prices.

The Board at a Glance

Instrument	Last	Change %	Daily trend
EUR/USD	1.11778	-0.35	down
GBP/USD	1.34038	-0.33	mixed
USD/JPY	157.877	+0.15	mixed
AUD/USD	0.68759	-0.76	down
USD/CAD	1.40581	+0.29	mixed
Gold (XAU/USD)	4050.6	-0.93	down
WTI Crude Oil (XTI/USD)	90.555	+0.3	mixed
Nasdaq 100 (US100)	26881	+1.46	down
Bitcoin (BTC/USD)	75595.18	-0.27	down
Ethereum (ETH/USD)	2228.95	-0.28	down

Three Setups Around the Pivots

EUR/USD at 1.11778 is below S1 at 1.11909 and beyond the bottom of the pivot ladder. The daily trend is down, the four-hour trend is mixed, daily RSI is 47 and 14-day ATR is 64.2 pips. The day high is 1.12339 and the day low is 1.11668, the daily pivot is 1.12293, R1 is 1.12559 and the five-day change is down 0.01%. A recovery through S1 at 1.11909 would put the pair back inside the ladder and open the way toward the daily pivot at 1.12293. Remaining under the day low at 1.11668 would leave S1 at 1.11909 overhead. The guide to how pivot points work uses this same pivot, R1 and S1 layout.

USD/CAD at 1.40581 is already above R1 at 1.40461, beyond the top of the ladder, while the daily trend and the four-hour trend are both mixed. Daily RSI is 45.3, 14-day ATR is 62.6 pips and the five-day change is up 0.5%. The day high is 1.40623, the day low is 1.4009, the daily pivot is 1.39939 and S1 is 1.3965. Holding above R1 at 1.40461 keeps that extension in place. A move back below R1 at 1.40461 would put the daily pivot at 1.39939 underneath and cancel the break beyond the ladder.

AUD/USD at 0.68759 is below S1 at 0.68929, with the daily trend and the four-hour trend both down. Daily RSI is 39.2, 14-day ATR is 49.5 pips and the five-day change is down 2.15%. The day high is 0.69412, the day low is 0.6861, the daily pivot is 0.69582 and R1 is 0.69938. Reclaiming S1 at 0.68929 would be the step back into the ladder, with the daily pivot at 0.69582 still above. Staying under the day low at 0.6861 would leave S1 as resistance overhead.

Gold at 4050.6 sits between S1 at 4048.77 and the daily pivot at 4097.77, down 0.93% on the day and up 0.73% over five days. The daily trend is down and the four-hour trend is up, so those windows conflict and the gold read is neutral. R1 is 4137.8, the day high is 4106.85 and the day low is 4035.77. A break above the daily pivot at 4097.77 would open the way to R1 at 4137.8. A move back below S1 at 4048.77 would invalidate that path. GBP/USD at 1.34038 is also below S1 at 1.34284, with both trends mixed, daily RSI at 60.7, the daily pivot at 1.34642 and R1 at 1.34839. USD/JPY at 157.877 remains between S1 at 157.278 and the daily pivot at 157.878, with R1 at 158.239 and both trends mixed.

Newsflow and the Calendar

FX Street, FXEmpire and Action Forex each tie major pairs to the US payrolls release, and FX Street together with FXEmpire put the metals in that same frame. Further FX Street headlines describe a weaker tone in the euro and the Australian dollar, which is the news conversation rather than proof of why prices moved.

Still ahead today, ECB's Lane and Fed's Williams speak at 09:30 UTC, both medium impact. Eurozone retail sales at 10:00 UTC include a high-impact year-on-year print, previous 0.8 and estimate 0.6, and a medium-impact month-on-month print, previous 0.1 and estimate -0.1. After New York joins at 12:00 UTC, the 13:30 UTC US set has Nonfarm Payrolls, previous 29 and estimate 65, average hourly earnings month-on-month, previous 0.1 and estimate 0.3, year-on-year previous 3 and estimate 2.9, the unemployment rate previous 4.2 and estimate 4.2, labor force participation previous 61.8, and U6 underemployment previous 7.6. Canada at 13:30 UTC has an unemployment rate previous 6.5 and estimate 6.5, a net change in employment previous -68.3 and estimate 13.6, and average hourly wages year-on-year previous 2.3. Michigan consumer sentiment at 15:00 UTC is previous 48 and estimate 48. The economic calendar guide sets those times in session order.

Bottom Line

The day's changes lean toward the dollar across EUR/USD, GBP/USD, USD/JPY, AUD/USD and USD/CAD, but mixed daily and four-hour trends on several of those pairs leave the overall read neutral. EUR/USD, GBP/USD and AUD/USD are already beneath S1, USD/CAD is already above R1 at 1.40461, and USD/JPY at 157.877 has not cleared the daily pivot at 157.878. Lane and Williams at 09:30 UTC and eurozone retail sales at 10:00 UTC come before New York joins. The US and Canadian labor releases at 13:30 UTC and Michigan sentiment at 15:00 UTC come after.