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06.12.202407:31 Forex Analysis & Reviews: Hot Forecast for EUR/USD on December 6, 2024

Eurozone retail sales growth slowed significantly from 3.0% to 1.9%, much worse than even the most pessimistic forecasts. Yet, the euro still managed to gain ground. It is impossible to attribute it to the data on unemployment benefits applications because the total number of claims decreased by 14k against a forecast of 1k, making the data slightly better than expected.

Exchange Rates 06.12.2024 analysis

The primary reason for this market behavior lies in today's anticipated U.S. Department of Labor report. Recent labor market data prompted investors to revise their forecasts, expecting the unemployment rate to rise from 4.1% to 4.2%. This expectation has fueled the euro's rally. However, the euro could weaken significantly if unemployment remains unchanged and over 200k new jobs are created in nonfarm sectors.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaSpot
© 2007-2024
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