The beginning of the new week, which is marked in the calendar of this year 2024 as the sixth in order within the forex operations of the foreign exchange market, brought investors, traders and other participants of the financial markets the business trend of a strengthening US dollar. Currently, during the European Monday morning on 02/05/2024, at approximately 7:27 CET, its value measured by the dollar index DXY was 104.01 USD points with a daily increase of + 0.09% of the point value and the global currency pair EUR/ The USD was trading at $1.078 to the EUR with the EUR down by -0.028% against the USD on the day so far.
Investors, traders and other financial market participants expect the following events in this 6th week of 2024:
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 Monday 02/05/2024 at 10:00 CET. No change in its value is expected compared to the previous results (48.4 points). For the USA on Monday 02/05/2024 at 16:00 CET. Its value is expected to increase from 50.6 to 52 points.
The index shows the change in the number of barrels of oil held in stocks by trading firms over the past week. It is the primary measure of the imbalance between supply and demand in the market, which can lead to changes in production levels and price volatility. The data will be published on Wednesday 07/02/2024 at 16:30 CET.
Natural gas reserves
Change in the number of cubic feet of natural gas held in underground storage during the past week. Stocks are used to maintain price stability during periods of tight supply and growing demand Data will be released on Thursday 02/08/2024 at 16:30 CET.
CPI Consumer Price Index in Germany – monthly
The monthly Consumer Price Index reflects changes in the prices of consumer goods and services in a given month compared to the previous one. The index shows price changes from the consumer’s perspective. The consumer price index characterizes inflationary dynamics. Its growth can have a positive effect on euro quotes. The value of the index will be published on Friday 09/02/2024 at 08:00 CET and an increase in its value of 0.2% is expected.
Unemployment in Canada – 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 Canadian dollars. The value of the index will be published on Friday 02/09/2024 at 14:30 CET and the value is expected to be 5.9%.