Forex Market Update New York Session: EUR Climbs as Crude Drops

Session brief Neutral bias Nov 2, 2026, 13:05 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

In the London and New York overlap, equity indices and Gold lead daily gains while WTI Crude Oil drops 3.45%, creating mixed signals across major currency pairs ahead of key US ISM data.

New York Session Overview: Euro and Gold Firm as Oil Tumbles

During the London and New York overlap, financial instruments display divergent performance across asset classes. Equity indices and precious metals pace the day's gains, led by the Nasdaq 100 up 0.76%, Gold advancing 0.65%, and EUR/USD rising 0.52%. On the lower end, WTI Crude Oil lags sharply, down 3.45% on the day, while AUD/USD has slipped 0.29%. Broad momentum shifts can be tracked across major pairs using our live currency strength meter.

Context from US Treasury yields on October 30, 2026 shows the 10-year yield at 4.94%, down 4 basis points on the day, while the 2-year yield closed at 4.56%, falling 5 basis points. The curve spread between 2-year and 10-year yields stood at 38 basis points.

US ISM Manufacturing PMI and Fed Speakers Take Center Stage

Market attention shifts toward upcoming economic releases scheduled for today's session. At 14:30 UTC, Canada releases its S&P Global Manufacturing PMI data. At 15:00 UTC, the US ISM Manufacturing PMI is scheduled with an estimate of 54.6 compared to the previous 54.5 reading. Concurrently at 15:00 UTC, the ISM Manufacturing Prices Paid index (estimated at 77), New Orders Index (previous 55.3), and Employment Index (previous 52.7) will be released alongside a scheduled speech by ECB official Escrivá. Later in the session, Fed official Goolsbee speaks at 16:15 UTC, followed by the US Loan Officer Survey at 19:00 UTC. Traders preparing for these catalysts can consult our economic calendar guide.

Newsflow stays tilted toward technical reads. FX Street's coverage ties gold's resilience to the pullback in oil prices ahead of today's US data, while FXEmpire frames the metal as still richly valued even after recent dips. On the currency side, FX Street coverage flags the euro running into resistance against both the dollar and the pound and the pound testing support of its own, while Forexcom singles out GBP/USD as the pair it is watching closely this week.

Currency Pair Highlights: EUR/USD Outperforms While AUD Lags

EUR/USD trades at 1.12175, up 0.52% on the day, with price above R1 at 1.12035, beyond the top of the daily pivot ladder. That placement sits against a daily trend still marked down, even as the four-hour trend reads mixed. A slip back under R1 at 1.12035 and through the daily pivot at 1.11697 would align the pair with that broader down trend and bring S1 at 1.11252 into view, while holding above R1 would keep the day's advance intact.

AUD/USD trades at 0.70099, down 0.29% on the day. The pair trades below S1 at 0.70145, beyond the bottom of its daily pivot ladder. A break below the day low at 0.70027 would extend downside momentum, while a recovery back above the daily pivot at 0.70284 would invalidate the short-term bearish stance and bring R1 at 0.70442 back into focus.

GBP/USD trades at 1.34226, up 0.25% on the day between the daily pivot at 1.33975 and R1 at 1.34246. To adjust position parameters around intraday support and resistance boundaries, consider using our position size calculator.

Commodities & Equities: Crude Oil Drops Sharply as Gold Holds Gains

WTI Crude Oil trades at 98.567, down 3.45% on the day. Price sits below S1 at 101.065, positioned beyond the bottom of the daily pivot ladder, with the day low at 98.249. A sustained recovery above the daily pivot at 102.586 would invalidate the current downward drive, opening the path toward R1 at 103.607.

Gold (XAU/USD) trades at 3901.94, up 0.65% on the day between S1 at 3822.39 and the daily pivot at 3924.32. A push past the daily pivot at 3924.32 would bring R1 at 3978.6 into view, while a drop back beneath S1 at 3822.39 would shift immediate focus to lower support level areas.

The Nasdaq 100 (US100) trades at 28596.7, showing a 0.76% daily gain between its daily pivot at 28498 and R1 at 28907.9, with S1 located below at 27972.6.

Key Levels and Risks for the Remainder of the New York Session

As the London and New York overlap continues, conflicting daily and four-hour trend readings on several pairs, including EUR/USD, call for careful monitoring of pivot boundaries rather than a single directional read. On EUR/USD, holding above R1 at 1.12035 keeps price beyond the pivot ladder even though the daily trend remains down, while a slide back through the daily pivot at 1.11697 toward S1 at 1.11252 would align price with that broader down trend. On WTI Crude Oil, remaining below S1 at 101.065 keeps focus on the down move near the day low at 98.249, whereas a move back above the daily pivot at 102.586 would negate the drop and open the way to R1 at 103.607. The pivot point calculator can help map these same boundaries across other instruments ahead of the ISM release.