Forex Market Update for the New York Session: Commodities Lead

Session brief Neutral bias Nov 5, 2026, 13:22 UTC

Nathan BrooksUS Markets & Federal Reserve Analyst · ForexR analyst

Commodities advance while equity futures pull back during the New York overlap. Major currency pairs trade in tight ranges ahead of key US labor data and central bank speeches.

New York Session Overview

During the London and New York overlap, commodities lead the day's advances while equity futures and cryptocurrencies pull back. WTI Crude Oil and Gold post the largest gains across the board, up 1.92% and 1.39% respectively on the day. Conversely, the Nasdaq 100 lags the broader market, falling 1.02%, followed by Bitcoin with a 0.83% decline. The major currency pairs hold in tight intraday ranges, with EUR/USD down 0.07%, GBP/USD down 0.09%, and AUD/USD down 0.05% on the day.

Key Setups in Commodities and Equities

Gold sits at 4116.54, above R1 at 4113.65 and beyond the top of the pivot ladder. The 4-hour trend points up, though the daily trend remains mixed. A move back below the daily pivot at 4016.73 would invalidate the upward momentum, shifting focus downward to support at S1 at 3963.1. Over the last five days, the precious metal is up 1.21%. On the day, it has recorded a high of 4146.77 and a low of 4057.74.

WTI Crude Oil trades at 89.176, positioned between S1 at 83.955 and the daily pivot at 90.132. The daily trend is mixed and the 4-hour trend is down. A break above the daily pivot shifts the near-term outlook, exposing resistance at R1 at 93.672. Rejection at the pivot keeps the primary focus on the downside toward support at S1. The instrument has dropped 11.97% over the 5-day window. The day high stands at 89.625 and the day low rests at 86.034.

The Nasdaq 100 trades at 28207.4, caught between S1 at 27714.8 and the daily pivot at 28277.4. Both the daily and 4-hour trends point firmly down. A break below S1 would open the way to lower prices and extend the bearish momentum, while a move above the daily pivot would invalidate the bearish structure, exposing resistance at R1 at 29061.8. The index has declined 4.59% over the past five days, charting a day high of 28539 and a day low of 28038.4.

Newsflow and Treasury Yields

Themes running through today's newsflow center on the approaching US jobs data, as reported by FX Street and Forexcom. Additional news coverage focuses on the continuing recovery in gold prices amid post-election volatility, according to FX Street. In the background, US Treasury yields at the November 4 close provide broader market context: the 2-year yield closed at 4.58%, down 3 basis points, and the 10-year yield finished at 4.9%, down 5 basis points.

Economic Calendar Ahead

The economic calendar today features multiple US data releases and several scheduled central bank speeches. At 13:30 UTC today, the US releases Unit Labor Costs, Initial Jobless Claims, and Nonfarm Productivity. Following this data, the Federal Reserve's Hammack speaks at 13:50 UTC today. Later in the session, the Bank of Canada's Governor Macklem speaks at 15:30 UTC today, followed closely by the European Central Bank's Lane at 15:40 UTC today. London closes at 16:00 UTC, at which time ECB President Lagarde speaks today. The ECB's Nagel is scheduled for 17:45 UTC today. Finally, Japanese Labor Cash Earnings will print at 23:30 UTC today.

Bottom Line

The technical evidence across the major currency pairs presents a largely neutral bias. While commodities advance steadily and equities face notable selling pressure, the foreign exchange market trades in tight consolidations awaiting US employment data and the slate of central bank commentary. Conflicting timeframes on several key instruments warrant close attention to established support and resistance levels moving forward.