FX.co ★ Hot Forecast for EUR/USD on October 8, 2024

Retail sales in the Eurozone grew by 0.8%, which was only slightly below the forecast of 0.9%. Nevertheless, this is an excellent result after a decline of -0.1%. However, judging by the market's reaction, investors are focused on further strengthening the dollar. Despite the dollar being overbought, no local rebound has occurred, and the market remained stagnant. The formal reason for this was the Eurozone data, which turned out to be slightly worse than expected. But after all, we are talking about sales growth, not a decline. Considering that today's macroeconomic calendar is empty, we will likely see not so much a continuation of the stagnation but rather a slow weakening of the euro.