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Weekly outlook of financial market events

At the beginning of the new business week, which is marked in the 2024 calendar as the 15th in a row, the exchange value of the American dollar (USD) showed a trend of continued growth. According to the dollar index DXY (US Dollar Currency Index), the point balance during the European Monday morning on 04/08/2024, at approximately 8:33 CET, was 104.34 USD points with a daily increase of +0.04% of the point value according to this index that compares the value of the USD with another six major world currencies. At the beginning of this week, the single European currency Euro (EUR) showed its decline against the USD.

Thus, on the indicated day and time, this global currency pair EUR/USD was traded in the forex operations of the foreign exchange market at a mutual exchange rate at a value of 1.083 USD per EUR with a daily decrease of EUR by -0.028% against the USD. Investors, traders and other financial market participants expect the following events in this 15th week of 2023:

CPI US Consumer Price Index – 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 Wednesday 04/10/2024 at 14:30 CET and is expected to increase by 0.3% compared to the previous month.

Decision to change the interest rate in Canada (overnight rate)

This is the interest rate at which major financial institutions borrow funds from each other. Short-term interest rates are a primary factor in currency valuation. The BOC board members decide on the interest rate change. The decision will be issued on Wednesday 10 April 2024 at 15:45 CET and no interest rate increase is expected (Current value is 5%).

FOMC meeting minutes – FED minute book

On Wednesday 04/10/2024 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 Producer Price Index – monthly

These data are showing changes in the prices of finished goods and services sold by manufacturers. This is a leading indicator of consumer inflation – when producers charge more for their goods and services, higher costs are usually passed on to consumers. This data will be published on Thursday 11/04/2024 at 14:30 CET and is expected to increase by 0.2% compared to the previous results.

UK Gross Domestic Product – Monthly

This data is a measure of the total value of goods and services produced in Britain. 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 Friday 12/04/2024 at 08:00 CET and is expected to increase by 0.1% compared to the whole of last month.

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