Published on October 15, 2024 The week began in the currency market with Monday's holiday in the United States for “Columbus Day”, the day without the dollar market failed to stop the downward trend of the EUR/USD pair, which tests 1.09 support. The shock of the latest American employment data continues, stronger than expected, and the probabilities of a Trump victory increase three weeks before the US elections. Regarding rates, the base scenario indicates a 41 bp cut by the Federal Reserve at the next meeting in November, that is, they would not continue with cuts of 50 basis points. In Europe the data is not encouraging, this Thursday we will have the ECB meeting where investors discount that there will be an additional 25 bp cut. Projections and concerns about the weak health of the German economy weigh on the Eurozone as a whole and penalize the community currency. As for the rest of the panel, we are in a key week for the pound, due to the battery of data that we will know in the next sessions. Today the employment figures for the month of September were released where salaries continue to moderate, which is good news for the BoE. However, the good performance of the pound comes from its positive correlation with the stock markets and the new highs set by the S&P 500. The Japanese yen had little volatility due to the closure of the financial markets in Tokyo. Investors are waiting for October 27 when the Lower House will sign the new government. The EUR/JPY pair started the day at levels of 162.55. Regarding the Swiss franc in its exchange against the euro, weakness of the Swiss currency after the publication of import prices that have surprised downwards.