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EURUSD undergoes a correction ahead of a key US employment report
The EURUSD rate is falling after rebounding from the 1.0885 resistance level. Find out more in our analysis for 1 November 2024.
EURUSD forecast: key trading points
The EURUSD rate declines after rising for four days. Investors are focused on the upcoming US employment report, which is expected to confirm the resilience of the US economy ahead of the Federal Reserve monetary policy meeting and the presidential election.
The US employment statistics for October close the current trading week, and traders expect 113,000 jobs to be created. However, recent natural disasters may affect the final reading, increasing the likelihood of deviation from forecasts. A muted market reaction to the report will help the EURUSD maintain its current trend as part of today’s forecast.
Meanwhile, US initial jobless claims unexpectedly fell to their lowest level since May. The number of Americans who first applied for unemployment benefits decreased by 12,000 to 216,000, while analysts predicted an increase to 230,000 on average.
Additionally, in September 2024, US personal income rose by 0.3% from August, while spending by Americans increased by 0.5%. Last month, the PCE index was up 0.2% compared to the previous month. The annual index growth rate slowed to 2.1%, marking the lowest since February 2021. This indicates potentially easing inflation, which may impact the Federal Reserve’s future monetary policy decisions.
RoboForex Market Analysis & Forex Forecasts
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Sincerely,
The RoboForex Team
The EURUSD rate is falling after rebounding from the 1.0885 resistance level. Find out more in our analysis for 1 November 2024.
EURUSD forecast: key trading points
- US initial jobless claims fell to their lowest level since May, coming in at 216,000
- Traders forecast gains of 113,000 jobs in the employment report
- US personal income rose by 0.3% in September 2024, with spending increasing by 0.5%
- On an annual basis, growth in US personal consumption expenditures slowed to the lowest level since February 2021
- EURUSD forecast for 1 November 2024: 1.0922 and 1.0960
The EURUSD rate declines after rising for four days. Investors are focused on the upcoming US employment report, which is expected to confirm the resilience of the US economy ahead of the Federal Reserve monetary policy meeting and the presidential election.
The US employment statistics for October close the current trading week, and traders expect 113,000 jobs to be created. However, recent natural disasters may affect the final reading, increasing the likelihood of deviation from forecasts. A muted market reaction to the report will help the EURUSD maintain its current trend as part of today’s forecast.
Meanwhile, US initial jobless claims unexpectedly fell to their lowest level since May. The number of Americans who first applied for unemployment benefits decreased by 12,000 to 216,000, while analysts predicted an increase to 230,000 on average.
Additionally, in September 2024, US personal income rose by 0.3% from August, while spending by Americans increased by 0.5%. Last month, the PCE index was up 0.2% compared to the previous month. The annual index growth rate slowed to 2.1%, marking the lowest since February 2021. This indicates potentially easing inflation, which may impact the Federal Reserve’s future monetary policy decisions.
RoboForex Market Analysis & Forex Forecasts
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Sincerely,
The RoboForex Team
