Dovish bets and better Shutdown hopes brings life back to Markets– Market wrap for the North American session - November 7

[Ben Graham]

Log in to today's North American session Market wrap for November 7

US stocks endured another rollercoaster session as panic gripped markets early in the day, triggered by a sharp drop in the University of Michigan’s Consumer Confidence index.

Consumer Pessimism and Job Cuts Increase Uncertainty About Economic Outlook in US

The weak sentiment data pushed the Nasdaq down nearly 5% for the week, extending the streak of volatility.

Still, the poor figures also revived dovish expectations, especially following Thursday’s grim Challenger layoff report, sparking a late-session rebound that lifted major indices back near unchanged by the close.

The improving tone coincides with growing optimism around the US government shutdown negotiations, as pressure mounts on Democrats to strike a deal.

However, things will not be simple once again as the latest deal just got rejected.

Read More:

• Markets Weekly Outlook – Traders get impatient for the US shutdown to end
• Canadian employment shoots higher – CAD takes the lead

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, November 7, 2025 – Source: TradingView

A picture of today's performance for major currencies

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Currency Performance, November 7 – Source: OANDA Labs

The Canadian Dollar took a breather after the consecutive beats in the labor data.

On the other side of the spectrum however, the NZD (which has been struggling a lot) got hurt.
The JPY gave back its weekly advance with the better tone throughout the end of the session.

A look at Economic data releasing throughout the weekend and Monday's session

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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Participants will learn more on Chinese inflation throughout the weekend with their own Consumer and Producer price indices releasing Saturday.

Monday shouldn't be too busy in terms of news release throughout the US session, but will get a few early morning releases in Europe.

The most important will however be the evening session with key data releasing for the AUD and NZD (Australian Consumer confidence at 19:30 ET and the RBNZ Inflation expectations).

Safe Trades!

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