01.11.202409:47 Forex Analysis & Reviews: Hot Forecast for EUR/USD on November 1, 2024

According to preliminary estimates, consumer price growth in the Eurozone has increased from 1.7% to 2.0%, slightly above the forecast of 1.9%. This suggests that the European Central Bank may slow the pace of monetary easing. Naturally, these data have helped the euro strengthen further, making this trend look like a genuine correction. The euro's growth may continue today, this time prompted by the upcoming report from the United States Department of Labor.

The U.S. unemployment rate is expected to rise slightly, from 4.1% to 4.2%. This report's timing is critical as it's released just days before the U.S. presidential election next Tuesday. Additionally, non-farm employment growth may amount to only 180,000 new jobs, which is the optimistic forecast. For labor market stability, on average, about 250,000 new jobs need to be created each month. In other words, unemployment may continue to rise. Naturally, these are negative factors for the dollar, and they could allow the euro to extend its gains.