The new business week, which is marked in this year’s 2024 calendar as the fourth in a row, has for the time being developed in the business trend of a slight decrease in the exchange value of the American dollar (USD) against the main world currencies. This current decline in the USD thus helped the single European currency Euro (EUR) to change its previous trading trend against the US Dollar (USD) and this so-called global currency pair EUR/USD during the European morning of Monday 1/22/2024, at approximately 8:41 CET traded at USD 1.0901 per EUR with the EUR up +0.04% against the USD on the day so far.
This mutual exchange rate of the single European currency euro (EUR) against the US dollar (USD) was achieved when, on the indicated day and time, the exchange value of the USD measured by the dollar index DXY (US Dollar Currency) was at a spot level of 103.20 USD points with a daily decrease of -0.08% of its point value so far according to this index, which compares the USD with the other six major world currencies. The drop in the exchange value of the USD, however, was no longer used by the so-called traditional investment gold according to the inversion rule, whose price currently fell by -0.31% of its price in daily trading to a value of 2023.10 USD per troy ounce.+
Investors, traders and other financial market participants expect the following events in this 4th week of 2024:
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 Tuesday 01/23/2024 at 16:00 CET. According to analytical estimates, a slight increase in the current value is expected from -15 to -14 points.
Purchasing Managers’ Manufacturing Index (PMI) in the EU, USA and the UK – 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 Wednesday 01/24/2024 at 15:45 CET. A slight decrease in its value is expected from 47.9 to 47.6 points. For the EU on Wednesday 01/24/2024 at 10:00 CET. Its value is expected to increase from 44.4 to 44.8 points.
Non-manufacturing Purchasing Managers’ Index (PMI) in EU, USA, UK – monthly
The Services PMI reflects activity in the services sector in the EU and the US in the reporting month. The indicator is based on a survey of representatives of more than 600 companies for the EU and more than 400 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 Wednesday 01/24/2024 at 10:00 CET. Its value is expected to increase from 49.8 to 50.3 points. For the USA on Wednesday 01/24/2024 at 15:45 CET. Its value is expected to increase from 44.7 to 45 points.
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 01/25/2024 at 14:30 CET. According to economic correspondents following economic analysts, GDP growth of 2% compared to the last quarter 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 value of the index will be published on Thursday 25/01/2024 at 14:30 CET and is expected to increase by 1% compared to the previous month.