The US Dollar Update
October 16, 2023
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
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.