Weekly Market Recap 2–8 Nov 2026: US Jobs, BoE and Crypto Outflows

Market recap compiled as of Monday 9 November 2026. Traditional-market observations end on Friday 6 November; cryptocurrency observations run through Sunday 8 November. No 9 November market moves are included.

US employment growth remained positive, and the Bank of England raised Bank Rate, yet the week did not deliver a uniform market response. Treasury yields finished below Monday, the dollar index rose, US equities declined, and Bitcoin, Ether and Solana ended their Monday-to-Sunday comparisons lower. Precious-metal futures moved higher on the selected endpoints, while the tracked US-listed crypto product flows were negative.

Week at a glance

Comparability note: Equity and forex moves below compare Monday 2 November with Friday 6 November, not the standard previous-Friday-to-Friday trading week. Crypto moves compare provider observations for Monday 2 November and Sunday 8 November, not a prior-Sunday close. The metal futures figures are dated contract-price observations, not OTC spot-gold or spot-silver returns.

Market or measure	Completed-period observation
US October employment	Payrolls +165,000; unemployment 4.1%
Bank of England	25 bp increase to 4.00%; 8–1 vote
US Treasury yields	2-year −8 bp; 10-year −5 bp
DXY / forex	DXY +0.54%; EUR/USD +0.64%; GBP/USD −0.43%; USD/JPY −0.11%
US equities	S&P 500 −2.18%; Nasdaq −2.32%; Dow −1.34%
Crypto, Monday–Sunday	Provider-specific 2–8 Nov endpoint changes: Bitcoin −1.32% (Investing.com); Ether −5.59% (CoinGecko); Solana −2.99% (Investing.com). Not previous-Sunday weekly returns.
US-listed crypto product flows	Bitcoin −$1,281.7m; Ether −$365.2m; tracked Solana-linked −$25.0m
December metal futures, selected endpoints	Gold +2.65%; silver +2.07%, from 2 to 6 Nov contract-price observations

A mixed week, not a single risk-on or risk-off story

The completed reporting period combined evidence of resilient US activity with caution in financial markets. The October employment report, stronger manufacturing activity and a Bank of England policy increase did not prevent US equities from declining. Nor did falling US Treasury yields prevent crypto from weakening. These observations are consistent with competing influences across markets; they do not prove a single common cause.

The calendar matters. US and UK releases belong to the completed 2–6 November trading week, whereas cryptocurrency prices continued to update through Sunday. A Sunday crypto close must not be compared with a Friday equity or metal close as though the instruments shared a trading calendar. For the previous week’s policy and market context, see HFR’s 26 October–1 November market recap.

US employment and activity data remain firm

The Bureau of Labor Statistics reported 165,000 additional nonfarm payroll jobs in October, with the unemployment rate at 4.1%. Average hourly earnings rose 0.4% month on month and 3.1% year on year. The September payroll estimate was revised from 29,000 to 60,000, while August was revised from 133,000 to 186,000. Those revisions matter when assessing whether the October figure represents a genuine change in momentum.

Initial unemployment claims fell to 189,000 for the week ending 31 October from a revised 195,000. Separately, the October ISM manufacturing PMI increased to 55.5 from 54.5, while services remained in expansion at 54.5, down from 54.9. These are different measures: survey diffusion indexes describe the breadth of reported activity, not the same quantities as payroll counts or output growth.

September factory orders increased 1.8% on the month, while the goods-and-services trade deficit narrowed to $105.0bn from a revised $105.7bn. Preliminary third-quarter nonfarm business productivity grew at a 3.6% annualised rate and unit labour costs declined at a 0.7% annualised rate. The combination provides context for the inflation and labour-cost debate without predetermining the Federal Reserve’s next decision.

The Bank of England raises rates

In its decision published on 5 November following the meeting ending 4 November, the Bank of England increased Bank Rate by 25 basis points to 4.00%, with eight members favouring a 25-basis-point rise and one favouring a larger 50-basis-point rise. The vote was unanimous in favour of tightening, but divided on its size. This was a UK policy decision, not a Federal Reserve action. Its implications for sterling and global rate expectations should be considered alongside contemporaneous UK data and market positioning, rather than inferred from a single currency endpoint.

The Federal Reserve did not make a new scheduled rate decision during the completed week. The Fed’s 28 October decision remains background context. An exact historical probability of a subsequent Fed increase is omitted because the source research did not establish a sufficiently reliable dated market-pricing snapshot.

Treasury yields fall while the dollar and equities diverge

US Treasury maturity	2 Nov	6 Nov	Change
2-year	4.59%	4.51%	−8 bp
5-year	4.70%	4.64%	−6 bp
10-year	4.91%	4.86%	−5 bp
30-year	5.28%	5.26%	−2 bp

The two-year yield fell further than the ten-year yield, so the ten-year minus two-year spread widened from 32 to 35 basis points. This is a modest steepening of that segment of the curve, not evidence that every maturity behaved identically. The table uses official Treasury par yields, rather than yields inferred from bond ETFs.

Instrument	2 Nov	6 Nov	Change
DXY	101.75	102.30	+0.54%
EUR/USD	1.1157	1.1228	+0.64%
GBP/USD	1.3410	1.3352	−0.43%
USD/JPY	157.677	157.498	−0.11%
S&P 500	7,541.40	7,376.86	−2.18%
Nasdaq Composite	25,164.31	24,579.43	−2.32%
Dow Jones Industrial Average	51,983.98	51,285.73	−1.34%

DXY rose over the selected window even as EUR/USD advanced. The apparent contrast is not an arithmetic error: the dollar index is a weighted basket, and individual currency pairs can move in different directions. The FX observations also come from more than one provider, so their daily fixing and close conventions should not be treated as identical. The figures here compare the 2 and 6 November observations, not the previous Friday’s close.

All three major US equity indexes declined between the 2 and 6 November observations, with the Nasdaq showing the largest percentage move in that specific interval. These figures should not be labelled conventional weekly returns, which use the preceding Friday as their starting point.

Bitcoin, Ether and Solana finish below Monday

US session	2 Nov provider observation	8 Nov provider observation	Change
Bitcoin	$76,782.3	$75,772.4	−1.32%
Ether	$2,250.22	$2,124.38	−5.59%
Solana	$91.923	$89.176	−2.99%

The cited Investing.com Bitcoin series shows a midweek rebound, with a 4 November observation of $80,476.7, followed by a lower 8 November observation of $75,772.4. Ether and Solana also finished below their Monday reference prices. These are provider-specific daily observations, not a single exchange’s verified UTC candle series.

In the selected endpoint series, Bitcoin declined less than Ether, and Solana declined less than Ether. The three percentage changes are calculated from each named provider’s 2 and 8 November observations; they should not be interpreted as independently reproduced Coinbase Exchange prices or standard weekly closing returns. For the earlier, separately dated chart picture, read HFR’s 2 November technical outlook.

Crypto ETF and product flows turn negative across the five sessions

US session	BTC ETFs ($m)	ETH ETFs ($m)	SOL-linked ($m)
Mon 2 Nov	−398.6	−139.7	0.0
Tue 3 Nov	−115.6	−85.3	0.0
Wed 4 Nov	+74.6	+53.0	0.0
Thu 5 Nov	−430.2	−99.9	−0.8
Fri 6 Nov	−411.9	−93.3	−24.2
Five-session total	−1,281.7	−365.2	−25.0

Farside’s displayed daily aggregates indicate substantial Bitcoin and Ether ETF outflows. Wednesday was the only session with positive net totals for both Bitcoin and Ether ETFs. The tracked Solana-linked universe was much smaller and concentrated its negative weekly total late in the week. These are US-listed product flows, not a measure of all global crypto investment or of immediate token purchases and sales.

Gold and silver futures rise on selected endpoints

Dated December 2026 futures price records show gold at $3,969.60 on 2 November and $4,074.90 on 6 November, a rise of approximately 2.65% between those observations. The comparable silver observations are $50.888 and $51.942, a rise of approximately 2.07%. The values can be checked against Investing.com’s historical GCZ6 and SIZ6 records; the 6 November gold level also matches the Associated Press futures report. These are futures contract-price comparisons, not OTC spot-metal returns. Their Monday-to-Friday changes are not the same as previous Friday-to-Friday returns.

What to watch: 9–13 November

Date	Scheduled release/event
10 Nov	US October CPI and real earnings; BoJ Summary of Opinions (Japan time)
12 Nov	UK Q3 and monthly GDP; BoJ Corporate Goods Price Index; euro-area GDP/employment flash estimate
13 Nov	US October Producer Price Index

These are scheduled events as known at the 9 November article cutoff, not realised outcomes. US CPI and PPI could test the inflation narrative following the employment release; UK GDP could provide context for the BoE’s decision. Subsequent crypto ETF flows and exchange operating conditions remain important to monitor, but no post-cutoff result is included in this recap.

Final takeaway

The completed reporting windows show divergence rather than a uniform cross-asset direction. US labour data remained firm, and the BoE raised rates, yet US equities and the three covered cryptocurrencies fell over their respective completed windows. Treasury yields declined, DXY rose, and the selected precious-metal futures comparisons were positive. Crypto product outflows were substantial. Those observations describe the selected endpoints without proving that any one catalyst caused every move.

Risk note

The content is educational and informational only. It is not financial advice or investment advice, and it is not a recommendation to buy or sell any asset. Historical prices, technical levels and fund flows do not guarantee future results. Crypto, forex, commodities and leveraged products carry significant market, funding and liquidation risks.

Sources and methodology

Completed observation periods: traditional markets, forex, US-listed fund flows and December metals futures, 2–6 November 2026; crypto prices, 2–8 November 2026. Article cutoff: 9 November 2026, before any 9 November market observations. Changes are (last observation ÷ first observation − 1) × 100. Monday-to-Friday and Monday-to-Sunday endpoint changes are not conventional previous-Friday or previous-Sunday weekly returns. Provider timestamp and price conventions may differ. Farside fund flows cover specified US-listed products, not global investment demand.

BLS employment, Bank of England policy, Treasury par yields, ISM PMI and Farside fund flows were cross-checked with their primary publications. The selected cryptocurrency prices were checked as provider-specific observations; they were not obtained from a single venue-matched Coinbase API extraction. December 2026 metal futures reference prices were checked against dated provider contract histories and must not be mixed with spot-metal quotations.