The US Dollar Update

October 16, 2023

Dennis Limmer

In Monday’s trading, the US dollar retreated as market sentiment improved in anticipation of Tuesday’s key economic releases. Various important events are scheduled, including the Reserve Bank of Australia’s meeting minutes, UK wage data, the EU’s EcoFin meetings, and the ZEW Economic Sentiment Survey for October. Additionally, US retail sales and Canadian CPI inflation data are set to be released.

Key highlights:

  • US Dollar Index (DXY) decreased by approximately 45 points, ending the trading day near 106.20. This represents a 0.42% decrease heading into Tuesday’s trading.
  • The NY Empire State Manufacturing Index for October printed at -4.6, coming in higher than the expected -7, but representing a decline from last month’s reading of 1.9.
  • US retail sales for September are forecasted to decline from 0.6% to 0.3% on a month-over-month basis. However, Commerzbank predicts a US economic recession in 2024, with an expected 100 basis point cut in the Federal Reserve’s key interest rate.
  • EUR/USD has risen from Friday’s low of 1Rate limit reached for gpt-4 in organization org-9NPrV9IlqybQHJrp6FAzYhox on tokens per min. Limit: 10000 / min. Please try again in 6ms. Contact us through our help center at help.openai.com if you continue to have issues.

Recent News

Massive Data Breach Hits Ticketmaster, Affecting 560 Million Customers

Ticketmaster has fallen victim to a significant cyber-attack, potentially compromising the data of up to 560 million customers. The breach was confirmed by Ticketmaster’s parent company, Live Nation, which revealed that a notorious hacking group, ShinyHunters, is behind the attack. The hackers are demanding a ransom of approximately £400,000 to prevent the data from being sold on the dark web.

Toyota Recalls 100,000+ Tundra and Lexus LX SUVs Over Engine Debris Issue

Toyota has announced a recall for over 100,000 Tundra pickups and Lexus LX SUVs in North America due to potential engine issues caused by machining debris. This recall affects certain 2022-2023 models of the Tundra and LX, which are equipped with the new V6 twin-turbo engine. The V6 twin-turbo engine has faced considerable scrutiny regarding its reliability, especially when compared to the previous naturally aspirated V8 engines.

Wordle and Worldle Battle Over Names

A legal dispute has erupted between the wildly popular word game Wordle and the lesser-known geography game Worldle, centering on the similarity of their names. Wordle, which was developed by Josh Wardle in 2021 and later acquired by the New York Times in 2022 for a substantial sum, has gained immense popularity. In this game, players have six attempts to guess a five-letter word. 

FDA Issues Recall for Crecelac Goat Milk Infant Formula

The U.S. Food and Drug Administration (FDA) has issued a safety alert regarding Crecelac Goat Milk Infant Formula and other infant formula products imported and distributed by Dairy Manufacturers Inc. The alert highlights Cronobacter contamination concerns with Crecelac Infant Powdered Goat Milk Infant Formula. Although Dairy Manufacturers Inc. initiated a recall on May 24, 2024, due to non-compliance with FDA regulations, new findings of Cronobacter contamination have prompted further action.