Only 2 hours continued the strength of the dollar after the very good data on the unemployment rate and data on newly opened jobs for September.
The dollar shot up with a gain of 80 pips against the Euro. And while everything looked positive for the dollar, the trend reversed and the dollar began to lose ground.
The dollar lost all its gains after the US data today, even retreating against the Euro by around 20-30 pips.
The maximum Euro/Dollar reached today was 1.0482. Euro/Dollar is currently trading at 1.0590 levels.
The strongest moment of the Dollar was on Tuesday, October 3rd with a level of 1.0448. Euro/Dollar traded at these levels in December 2022.
Expectations of a recession in the world economy, and that the Fed will soon finish raising interest rates (already generated with the market rate), we can say that the strong dollar is coming to an end.
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