FX.co ★ Trading plan for EUR/USD and GBP/USD on 07.10.2024

The most optimistic forecasts predicted that the unemployment rate in the United States would remain unchanged, but it fell from 4.2% to 4.1%. This alone was enough for a solid rise in the dollar. Additionally, 254,000 new jobs were created outside of agriculture, compared to the expected 130,000. As a result, the US currency continued its victorious march, and the euro dropped below 1.1000.

The dollar's rise over the past few days has been so impressive that a correction seems almost inevitable, even though the strengthening was justified. The upcoming retail sales data from the Eurozone could provide a reason for a local correction, as the decline of -0.1% is expected to shift to a growth of 0.9%. This would be an outstanding result for Europe, so the euro has substantial grounds for growth, likely pushing it above 1.1050.