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05.11.2024 08:43 AM
Hot Forecast for EUR/USD on November 5, 2024

Even an extremely weak report from the U.S. Department of Labor has failed to impact the currency market, and it has been largely stagnant since the end of last week. While there have been some fluctuations, they have been minimal. The only notable aspect has been major Western media's efforts to explain that only 12,000 new jobs were created outside of agriculture. Supposedly, this was due to a powerful hurricane that struck Florida. Frankly, this explanation is almost laughable, as it implies that all economic activity in the United States is concentrated in just one state—Florida, which ranks third in population after California and Texas and only thirty-sixth in average household income out of fifty states. This odd explanation is likely just a diversion ahead of today's presidential election, which is already in the spotlight, especially given the intense polarization of the candidates in the eyes of the major American media. For this reason, the market is likely to remain flat today, and tomorrow, the direction may be influenced less by the election results themselves and more by the media's interpretation of them.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
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