EUR/USD - Review of October 7, 2024

Financial and commodity markets analytics


The Euro has broken through the support range of 1.1000-1.1020 against the dollar and continues to weaken amidst signals from the European Central Bank about a possible further reduction in interest rates. Meanwhile, US labor market data, on the contrary, has supported the dollar. On Friday, Chicago Federal Reserve President, Austin Goolsbee, commented on the employment figures, calling them "remarkable". In his opinion, this gives the Fed "time and opportunities" to determine optimal policy. However, he also noted that interest rates still need to be lowered. The next significant support area for the EUR/USD pair might be found in the range of 1.0900-1.0930.