The exchange value of the US dollar (USD) at the beginning of the new trading week, which is marked in the 2023 calendar as the 43rd in a row, was in a trading trend of strengthening against other world currencies according to the point value of the dollar index DXY (US Dollar Currency Index), which compares the value of the USD to six other major world currencies. Currently, during the European Monday morning on 10/23/2023, at approximately 7:00 CET, this DXY index was at a point level of 106.30 USD points with a daily growth of + 0.13% of the point value.
On the indicated day and time, the global currency pair of the single European currency euro (EUR) and the US dollar (USD), as the world reserve currency and especially the main commodity currency of the world markets, traded at a mutual exchange rate at a value of 1.057 USD per EUR with the previous by a daily drop of EUR by -0.179% against the USD. According to analysts of brokerage companies and financial strategists of the foreign exchange market, this current situation is largely caused by investor sentiment, which assumes further strengthening of the USD due to the highly probable prediction of further interest rate increases in the USA by the Federal Reserve System (FED) in the middle of next year weekly.
Investors, traders and other financial market participants expect the following events in this 43rd week of 2023, among others:
CCI Index of consumer confidence in the EU – monthly
The consumer confidence index shows the level of consumer confidence in the stability of the country’s economy. It is intended to evaluate the relative financial status, purchasing power and confidence of the average consumer. The growth of the indicator assumes an increase in consumer spending. The data for this index will be published on Monday 23 October 2023 at 16:00 CET. According to analytical estimates, a decrease of 18 points is expected.
Purchasing Managers’ Manufacturing Index (PMI) in the EU and the US – monthly
The Manufacturing PMI reflects the activity of business managers in given areas in a given month. The index is used in evaluating the development of the industrial sector. Values above 50 can have a positive effect on EUR and USD quotes. The data for this index will be published: for the EU on Tuesday 24 October 2023 at 10:00 CET. According to analysts, a slight increase from 43.4 to 43.6 points is expected. For the USA on Tuesday 24/10/2023 at 15:45 CET. According to analysts, a slight decrease from 49.8 to 49.5 points is expected.
Non-manufacturing Purchasing Managers’ Index (PMI) in the EU and USA – monthly
The Services PMI reflects activity in the services sector in the reporting month. The indicator is based on a survey of representatives of more than 600 companies for the EU and more than 300 companies for the USA. Values above 50 can have a positive effect on EUR and USD quotes. The data for this index will be published: for the EU on Tuesday 24 October 2023 at 10:00 CET. According to analysts, no change is expected compared to the previous results (48.7 points). For the USA on Tuesday 24/10/2023 at 15:45 CET. According to analysts, a slight decrease from 50.1 to 49.9 points is expected.
US durable goods orders – monthly
Monthly durable goods orders reflect the value of orders received by durable goods manufacturers in a given month compared to the previous month. The production of the transport industry is excluded from the calculation. The development of the index enables short-term forecasts of future production volumes. An increase in value can have a positive effect on dollar quotes. The information will be published on Thursday 26/10/2023 at 14:30 CET and an increase of 1.6% compared to last month is expected.
US Gross Domestic Product (GDP) – Quarterly
This data is a measure of the total value of goods and services produced in the US. GDP is the most comprehensive indicator of economic performance and provides key insight into the driving forces of the economy. This data will be published on Thursday 26/10/2023 at 14:30 CET. According to economic correspondents following economic analysts, an increase of 4.3% is expected.
