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Weekly outlook of financial market events

The beginning of the new business week, which is marked in the calendar of this year 2024 as the ninth in order within the forex operations of the foreign exchange market, saw a momentary slight decrease in the exchange value of the American dollar (USD) against other major world currencies. However, according to the communication of economic correspondents in connection with the analysts of brokerage companies, the value of the USD still remains relatively high. This momentary drop in the exchange value of the USD was thus manifested in the framework of trading with the global currency pair EUR/USD, when currently the euro currency strengthened against the USD,

Currently, this currency pair of the single European currency euro (EUR) and the US dollar (USD), as the world reserve currency, during the European Monday morning on 2/26/2024, at approximately 8:33 CT, was moving in a mutual exchange rate at a value of USD 1.083 per EUR with the EUR gaining +0.12% against the USD on the day to date. This exchange rate was reached when the exchange value of the USD according to the dollar index DXY (US Dollar Currency Index) was in the amount of 103.88 USD points with a daily decrease of -0.05% of the point value according to this index, which compares the USD with another six major world currencies.

Investors, traders and other financial market participants expect the following events in this 9th week of 2024, among others:

New real estate sales in the US

The new home sales index reflects sales figures for newly constructed single-family homes in the US. It is used to measure US housing market conditions. The growth of the index can have a positive effect on dollar quotes. The data for this index will be published on Monday 02/26/2024 at 16:00 CET, assuming a value of 680K.

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 information will be published on Tuesday 27/02/2024 at 14:30 CET and a decrease of 4.7% is expected

CCI US Consumer Confidence Index – 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 02/27/2024 at 16:00 CET. According to analytical estimates, it is expected to remain at the current value of 114.8 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 Wednesday 02/28/2024 at 14:30 CET. According to economic correspondents following economic analysts, an increase of 3.3% is expected.

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 EU on Friday 03/01/2024 at 10:00 CET. According to analysts, the value is expected to remain at 46.1 points. For the USA on Friday 03/01/2024 at 16:00 CET. According to analysts, a slight increase in value is expected from 49.1 to 49.5 points.

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