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Weekly outlook of financial market events

The foreign exchange market at the beginning of the new week, which is marked as the 42nd in the calendar of this year 2023, has for the time being recorded a current trading trend of a decrease in the exchange value of the USD against the major world currencies in relation to the US dollar (USD). According to the dollar index DXY (US Dollar Currency Index) during the European morning of Monday 16/10/2023, at approximately 7:53 CET, the value of the USD was 106.53 USD points with a daily decrease of -0.11% of the point value according to of this index, which compares the US dollar with six other major world currencies.

On the specified day and time, for example, the so-called global currency pair of the single European currency, the euro (EUR) and the US dollar (USD), as the world’s reserve currency and at the same time the central currency of the global commodity markets, traded at a mutual exchange rate at a value of USD 1.053 per EUR with the daily strengthening of the EUR by + 0.16% against the USD so far. During Monday’s European morning, not only the euro strengthened, but also another important world currency of European origin, namely the British pound (GBP), when on the specified day and time this currency pair GBP/USD traded at a rate of 1.216 USD per GBP with by strengthening the GBP by +0.19% against the USD so far. During the European morning on 16/10/2023, the Japanese yen (JPY) also saw its slight strengthening, which, however, still moves just below the 150 JPY/USD threshold, and on that day and time, the USD/JPY currency pair traded at 149.48 JPY to USD with the USD down -0.08% against the JPY for the day so far.

Investors, traders and other financial market participants expect the following events in this 42nd week of 2023:

Retail sales in the US – monthly

Retail sales reflect the change in retail wages in the month under review compared to the previous one. The calculation is adjusted for inflation. The index is often called an indicator of consumer spending and allows for an assessment of inflation in the country. The growth of the indicator can have a positive effect on the Canadian dollar/British pound quotes. The data will be published on Tuesday 17/10/2023 at 14:30 CET and an increase of 0.3% compared to last month is expected.

US Industrial Production – Monthly

The index shows the change in the value of the production of factories, mines, … It is one of the main indicators of economic health – production reacts quickly to ups and downs in the business cycle and is closely linked to unemployment or the value of the average wage. Index values will be published on Tuesday 17/10/2023 at 15:15 CET and no change is expected from past results.

CPI Consumer Price Index in Canada – Monthly

The monthly Consumer Price Index reflects changes in the prices of consumer goods and services in a given month compared to the previous one. The index shows price changes from the consumer’s perspective. The consumer price index characterizes inflationary dynamics. Its growth may have a positive effect on Canadian dollar quotes. The value of the index will be published on Tuesday 17/10/2023 at 14:30 CET and no change is expected from past results.

Sales of existing houses

Annualized number of residential buildings that were sold during the previous month, excluding new construction. It’s a major indicator of economic health because the sale of a home triggers a far-reaching domino effect. For example, the renovations are done by the new owners, the mortgage is sold by the financing bank, and the brokers are paid to complete the transaction. The index data will be published on Thursday 19/10/2023 and the value is expected to be 3.89 million.

Unemployment in Australia – monthly

The unemployment rate shows the number of unemployed people as a percentage of the working-age population. The calculation is done monthly. The unemployed are defined as persons between the ages of 15 and 74 who are not currently employed, although they are available for work and actively looking for it. The growth of the indicator may have a negative effect on quotes in Australian dollars. The data for this index will be published on Thursday 19 October 2023 at 02:30 CET. According to analysts, it is expected to remain at 3.7%.


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