FX.co ★ Hot Forecast for EUR/USD on 30.10.2024

The euro has been treading water for an entire week. However, today, it might be able to strengthen its position against the dollar and potentially reduce its current oversold state. This potential boost could come from the preliminary Eurozone GDP data for Q3, precisely the initial estimate, which tends to have the most impact. According to forecasts, Eurozone economic growth is expected to accelerate from 0.6% to 1.0%. This is a fairly positive outcome, given the significant concerns about the prospects of the European economy. As a result, the euro could gain a considerable boost in optimism and strengthen its position noticeably. Moreover, according to forecasts, similar data from the United States is expected to show stable growth rates. Although growth rates in Europe are lower, the mere improvement in dynamics is a positive factor.