The beginning of the new trading week, which is marked in the 2023 calendar as the 45th in a row, brought traders, investors and other foreign exchange market participants a slight drop in the exchange value of the US dollar (USD) and within the commodity market, through the ever-increasing tension of the war between Palestine and Israel b Middle Eastern region, rising oil price on the world market. In this reported week, investors and traders rather expect macroeconomic data from Europe and especially the countries of the European Union and the United Kingdom of Great Britain and Northern Ireland.
Currently, during the European Monday morning on November 6, 2023, at approximately 8:28 CET, the exchange value of the USD according to the DXY dollar index (US Dollar Currency Index) was moving at a point level of 104.98 USD points with a daily decrease so far o – 0.04% of the point value according to this index, which compares the value of the USD with another six major world currencies. The global currency pair of the single European currency Euro (EUR) and the US dollar (USD) was trading at a mutual exchange rate of USD 1.074 on the day and time indicated in forex operations, with the EUR strengthening by +0.10% so far on the day exchange rate against the USD. At that time, the commodity market recorded a continued rise in oil prices, and the light American WTI (West Texas Intermediate) crude oil traded at a value of slightly over USD 80 per barrel on the NYMEX (New York Mercantile Exchange) market.
Investors and traders, along with other financial market participants, expect the following events in this 45th week:
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 Monday 06/11/2023 at 10:00 CET. According to analysts, it is expected to remain at the value of 47.8 points.
Index of producer prices in the EU – monthly
These data are showing changes in the prices of finished goods and services sold by manufacturers. This is a leading indicator of consumer inflation – when producers charge more for their goods and services, higher costs are usually passed on to consumers. This data will be published on Tuesday 07/11/2023 at 11:00 CET and is expected to increase by 0.5% compared to the previous results.
Retail sales in the EU – monthly
Retail sales reflect the change in retail wages in the EU 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 quotations in euros. The information will be published on Wednesday 08/11/2023 at 11:00 CET and is expected to decrease by 0.2% compared to last month.
Gross Domestic Product (GDP) in Britain – Quarterly
This data is a measure of the total value of goods and services produced in a country. 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 Friday 10/11/2023 at 08:00 CET. According to economic correspondents, following economic analysts, no change is expected compared to past results.
Manufacturing production in Britain – monthly
Manufacturing production reflects the change in the total value, adjusted for inflation, of manufacturing output. Manufacturing accounts for about 80% of total output and, as it responds quickly to ups and downs in the business cycle and correlates with consumer conditions such as employment levels and wage changes, it is a leading indicator of economic health. The values of the index will be published on Friday 10/11/2023 at 08:00 CET and the value is expected to increase by 0.2% compared to last month.