Log in to today's North American session Market wrap for November 6
Risk assets are flashing warning signs again as November records three losing sessions out of four, extending October’s shaky momentum.
The Challenger job cuts report published this morning showed layoffs at their highest pace since October 2003, painting a grim backdrop for the US economy.
While some argue AI-driven productivity allows firms to sustain profits with leaner teams, weaker employment inevitably risks weighing on consumption.
This stands in contrast to the Fed’s recent hawkish tone, with Powell’s October remarks and this morning's cautious stance from a usual dove (Goolsbee) both pushing back against aggressive easing expectations.
Meanwhile, AI leaders like Nvidia’s CEO and OpenAI’s CFO have started issuing warnings about growth sustainability.
For now, sentiment is darkening, and the market seems to be questioning whether things can truly get much better from here – BUT, at only 5% from recent all-time highs, the darkest picture is still far.
Cross-Assets Daily Performance
Cross-Asset Daily Performance, November 6, 2025 – Source: TradingView
Today's flows were typical of a risk-off session: US Treasuries are back up, the VIX (not on chart) rose about 6%, gold stayed unchanged (decorrelated from the stocks) while the Equity/Crypto combo got hammered.
Keep a close eye on if this materializes into a trend, as only price action and the bits of private releases guide market flows these days.
A picture of today's performance for major currencies
Currency Performance, November 6 – Source: OANDA Labs
The Asia session was a very calm one but things shaked up after the Challenger Job Layoffs report:
The US Dollar took a hit, with the DXY falling below the 100.00 level, which profited mostly to the Yen (an enjoyer of stock selloffs).
The GBP also finished the session stronger from the rate hold from the Bank of England.
At the bottom of the ranks, the risk-on commodity currencies such as the AUD and the NZD, while the North American currencies stayed balanced.
(In case you missed it, take a look at out most recent NA Markets update!)
A look at Economic data releasing through tonight and tomorrow's session
For all market-moving economic releases and events, see the MarketPulse Economic Calendar.
It's unfortunately for traders once again a Non-NFP Friday tomorrow, as the ongoing BLS shutdown continues (although there is a light at the end of the tunnel with more positive ongoing discussions).
Canada will however publish their employent numbers which may act as a proxy for North American labor activity (Canada had been sending poor numbers but surprised in the previous release).
Beyond jobs, traders will also watch University of Michigan sentiment and inflation expectations later in the morning.
The 10:00 Release may come particularly important amid the ongoing data drought.
Plenty of ECB and Fed speeches are also lined up throughout the day – Watch mostly for hawkish surprises which may hurt the pricing for the Dec cut even further.
The ECB Annual Conference on Money Markets is also ongoing but Markets haven't heard anything outstanding from it.
Safe Trades!
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