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Weekly outlook of financial market events

At the very beginning of 2024, i.e. in the first week of this year 2024 during the first trading day of this year, during the European morning on January 2, 2024, at approximately 9:42 CET, the exchange value of the American dollar (USD) according to the dollar index DXY (US Dollar Currency Index) strengthened by +0.12% point value at USD 101.45 points according to this index, which compares the USD with the other six major world currencies. Thus, on the indicated day and time, the EUR/USD currency pair traded at a mutual exchange rate of USD 1.103 per EUR, with the daily weakening of the EUR by -0.127% against the USD.

Investors, traders and other financial market participants expect the following events in this 1st week of 2024:

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 USA on Tuesday 02/01/2023 at 15:45 CET. A slight increase in its value is expected from the current 48.2 to 48.4 points.

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 Thursday 04/01/2024 at 10:00 CET. According to analysts, it is expected to remain at the value of 48.1 points. For the USA on Thursday 04/01/2024 at 15:45 CET. According to analysts, it is expected to remain at the value of 51.3 points.

FOMC meeting minutes

On Wednesday 03/01/2024 at 20:00 CET, the minutes of the meeting of the Federal Free Market Committee held two weeks ago will be published. The minutes provide detailed information on the FOMC’s stance on monetary policy, so currency traders in particular are scrutinizing it for clues about the outcome of future interest rate decisions.

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 05/01/2024 at 14:30 CET and it is expected to increase by 168 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 05/01/2024 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 quotations in dollars. The data of this index will be published on Friday 05/01/2024 at 14:30 CET and an increase from 3.7% to 3.8% is expected.

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