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EURUSD: Weekly Analysis & Daily Forecast

The dollar index (DXY00) on Friday fell by -0.42% and posted a 2-1/2 month low. The dollar Friday fell moderately and remains under pressure as this week’s better-than-expected U.S. inflation news and weekly jobs data that point to a slowing labor market have bolstered speculation the Fed is down raising interest rates.  The dollar recovered from its worst levels after Friday’s news showed that U.S Oct housing starts and Oct building permits unexpectedly rose.

Friday’s U.S. housing news was better than expected and bullish for the dollar.  Oct housing starts unexpectedly rose +1.9% m/m to 1.372 million, stronger than expectations for a decline to 1.350 million.  Also, Oct building permits, a proxy for future construction, unexpectedly rose +1.1% to 1.487 million, stronger than expectations of a decline to 1.450 million.

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