Better-than-expected data on unemployment and job creation released on Friday gave fresh momentum to the US dollar, intensifying pressure on the EUR/USD pair.
The dollar’s rise is also being bolstered by mounting global security risks. Tensions surrounding the potential for a new military conflict in the Persian Gulf, combined with an increasing number of cyberattacks targeting banks and stock exchanges worldwide, are further driving demand for the US currency as a safe-haven asset.
These risks are expected to persist into the coming week, which could continue to support the dollar against the euro.
As the 46th week (November 9–13) begins, market participants will focus on the Consumer Price Index (CPI) due on Tuesday. A slowdown in US inflation is anticipated, a development that could influence future decisions by the Federal Reserve.
Data from the Eurozone may not yet fully reflect the anticipated wave of job cuts, particularly in Germany. However, any new information indicating a deterioration in the European labor market would exert further pressure on the single European currency.
For nearly five weeks now, the EUR/USD pair has been trading within a relatively narrow range between 1.1100 and 1.1270. Nevertheless, the probability of a downward breakout and reaching the psychological level of 1.1000 remains high as early as this week.
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