Market volatility surged at the onset of the European trading session on Monday (November 10, 2025). There have been no fundamental changes; however, the approval of the preliminary budget bill by the US Senate remains the primary mover for the market.
A total of 60 out of 100 US senators endorsed this bill, including 8 members from the Democratic Party. This opens the door for the potential end of the government shutdown that has been in effect since October 1.
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Additionally, data released by Challenger Inc. continues to impact market movements. The data published last week revealed 150,000 job cuts in October, marking the highest figure in the last two decades.
These sentiments will continue to influence market movements in tonight’s trading.
GOLD
The price of Gold (XAUUSD) continued its upward trend at the start of the European session, reaching $4,086.34 per troy ounce. Compared to Friday’s closing, Gold has increased by over $85 or 850 pips.
Despite the anticipated end of the US government shutdown, Gold prices are rising. Gold traders seem to welcome the potential reopening of the government, as significant economic data will soon be released, which could provide insights into the current US economic conditions.
US labor market data, including non-farm payrolls (NFP), has not been released for two months, while Challenger Inc. reported the most significant job cuts in the last 20 years last week.
Market players appear to be using this data as a benchmark. This suggests expectations that if the US government reopens and NFP data is released, it will likely indicate a softening labor market.
This speculation is bolstering Gold’s performance in today’s trading.
OIL
Oil prices (CLS10) are exhibiting volatility within the range of $59.73 to $60.46 per barrel. The prospect of reopening the US government is providing a positive sentiment towards Oil.
When the government reopens, around 800,000 federal employees will return to work, which could lead to increased demand for Oil. This sentiment will continue to impact Oil price movements in tonight’s trading.
EURUSD
EURUSD rose to 1.15831 at the beginning of the European session before retracting. The possibility of the US government reopening has strengthened the dollar at the start of today’s trading, resulting in a gap down for EURUSD.
However, as explained concerning Gold, market participants appear to speculate that once the NFP data is released, it will reflect a weakening labor market in the United States. This provides a positive sentiment for EURUSD and is likely to influence trading tonight.
GBPUSD
The movement of this currency pair is similar to that of EURUSD, having briefly risen to 1.31842 before pulling back. The underlying factors remain similar, suggesting that GBPUSD might still be under positive sentiment in tonight’s trading.
USDJPY
USDJPY continued to rise in the early European trading session, reaching a daily high of 154.236. Compared to Friday’s closing, USDJPY has increased by 819 points (81.9 pips).
The movement of USDJPY indicates a weakening yen, primarily due to the anticipated large stimulus from the new Japanese government aimed at strengthening the economy.
Such a stimulus influx tends to weaken the yen, suggesting that there is still potential for USDJPY to continue its upward trajectory.
NASDAQ
The Nasdaq index rose at the beginning of the European trading session, reaching a daily high of 25,565. Nasdaq received positive sentiment from the potential ending of the US government shutdown.
Without the release of significant economic data from the US tonight, this sentiment will likely continue to impact Nasdaq’s performance.
