Community Forecasts January 4 - 8 January: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting on Monday, the shared European currency rose marginally against the US dollar, after the Christmas break, with nothing significant in terms of the economic data, while market sentiment was mainly focused on oil prices. The next day, the US session brought some US data, mainly the US consumer confidence for December, which notably improved from an upwardly revised 92.6 to 96.5. As a result, the US traders decided to buy the recent weakness of the US dollar and the pair dropped around 80 pips from daily highs. Although, the single European currency returned to an attack mode on Wednesday, reaching the same levels as those posted in the pre-Christmas session. Nevertheless, at the end of the week, the Greenback erased some of the losses after the publication of data from the American side. The US initial jobless claims worsened from 267,000 to 287,000, while continuing claims marginally ticked higher from 2,195K to 2,198K, according to the Department of Labor advised. The increase was the sharpest since mid-February.
This week traders' expectations did not changed a lot, with 57% of Dukascopy Community members still predicting the pair to lose value. On Wednesday, the market will be waiting for US nonfarm payrolls report, the ISM report on service sector growth and data on factory orders. Later in the day, the Federal Reserve is to publish the minutes of its December meeting. The next day, Germany is to publish data on factory orders and retail sales, while the wider Euro area is to report on the unemployment rate. 

© Dukascopy Bank SA
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