Analysts at FXStreet see no turn around in Europe’s growth woes especially given rising gas prices this winter. MarketWatch reports the current DXY is at 108.88 (12:21 AM EST) and FXStreet analysts can see the DXY going as high as 110.0 before making a pullback.
FXStreet analysts also see continued dollar strengthening expecting the EUR/USD to go as low as 1.0200 before a rebound. The U.S. Bureau of Labor Statistics releases its jobs situation report this Friday 10 January 2025 where the unemployment rate is expected to remain around 4.2% and non-payroll employment for the month of December 2024 is expected to have increased by 153,000 jobs.
At least that would be one upbeat full employment note on which the Biden-Harrs administration exits the White House. And speaking of exits, as president of the U.S. Senate, later today Vice-President Harris will officiate over the certification of the Electoral College votes and announce Donald Trump the official president-elect.
On the legislative front, the calendar looks quiet for the rest of the week, with the next scheduled meeting happening in the U.S. Senate armed services committee on 14 January.
Putting on my trader hat, I expect the EUR/USD to fall somewhere between 1.0321 and 1.0437 by 3:00 pm Friday. That may change with the release of the jobs report Friday morning. Currency website x-rates.com reported EUR/USD at 1.0309 at 11:00 am EST on 5 January and declining three pips to 1.0306 by 4:15 pm EST also on the 5th.
As of 12:40 AM EST Monday, the EUR/USD is at 1.0316.
Show Notes
https://www.fxstreet.com/analysis/fx-daily-more-of-the-same-to-start-the-year-202501030958
https://www.marketwatch.com/investing/index/dxy?mod=home-page
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