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Weekly outlook of financial market events

The beginning of the new trading week, which is marked in the 2023 calendar as the 49th, was marked by profit-taking by investors in commodity trades with investment gold, the price of which rose to a new record high on Sunday, December 3, 2023 2,110,80 USD per troy ounce. Currently, during the Monday European morning of 4/12/2023, at approximately 9:17 CET, investment gold on the commodity market COMEX (Commodities Exchange Centre) was trading at a value of USD 2,080.20 per troy ounce with a daily decrease of -0. 45% of its price.

However, on the indicated day and time, the exchange value of the US dollar (USD) began to strengthen again and according to the dollar index DXY (US Dollar Currency Index) it was at a point level of 103.40 USD points with a daily growth of + 0.13% points. values according to this index, which compares the value of the USD with another six major world currencies. The strengthening of the USD on the foreign exchange market also caused a decrease in the exchange value of the single European currency, the euro (EUR) against the USD, and this global currency pair EUR/USD was thus traded within forex operations at a mutual exchange rate at a value of 1.087 USD per EUR with the previous daily weakening the EUR by -0.12% against the USD. However, the Euro remained positive against the British Pound (GBP) as the EUR/USD currency pair traded at 0.858 GBP/EUR with the EUR gaining +0.16% against the GBP for the day to date.

Investors, traders and other participants in the financial markets in this 49th week of 2023 expect, among other things, the following events:

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 05/12/2023 at 10:00 CET. No change is expected compared to the previous results (48.2 points). For the USA on Tuesday 05/12/2023 at 16:00 CET. Its value is expected to increase from the current 51.8 to 52.5 points.

The decision to change the short-term interest rate in Canada

Short-term interest rates are the primary factor in currency valuation – traders look at most other indicators only to predict how rates will change in the future. The interest rate at which large financial institutions borrow and lend funds from one another overnight. The decision will be published on Wednesday 06.12.2023 at 16:00 CET. No change is expected compared to previous results (5%).

US Non-Farm Employment Change – Monthly

Nonfarm Employment Change shows the monthly change in 19 manufacturing sectors in the United States. The indicator does not take agriculture into account. The indicator characterizes activity on the labor market and in the industrial sector. Employment growth can have a positive effect on USD quotes. The data of this index will be published on Friday 08/12/2023 at 14:30 CET and it is expected to increase by 185 thousand compared to last month.

Average salary in the USA – monthly

The wage indicator represents the number of new jobs created in a given month in all US non-farm sectors. Even the growth of this indicator can have a positive effect on dollar quotations. The data of this index will be published on Friday 08/12/2023 at 14:30 CET. An increase of 0.3% compared to last month is expected.

US unemployment – 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 dollars. The data of this index will be published on Friday 08/12/2023 at 14:30 CET and no change is expected compared to the past results (3.9%).

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