Forecasting Financial Winds: Top Events Shaping GBP, EUR, and USD This Week

Significant events to watch:

-UK (GBP): U.K. Interest Rate Decision

-EU (EUR): Eurozone Consumer Price Index (CPI) YoY

-USA (USD): U.S. Nonfarm Payrolls

EU (EUR): Eurozone Consumer Price Index (CPI) YoY – The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.

A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR

The previous Actual data was 4.3%. The forecasted data is 4.3%. The report is due Tuesday, October 31, 2023, 15:30 GMT.

USA (USD): U.S. Nonfarm Payrolls – Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous Actual data was 336K. The forecasted data is 170K. The report is due Friday, November 3, 2023, 18:00 GMT.

U.K. Interest Rate Decision – Bank of England (BOE) monetary policy committee members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the GBP, while a lower than expected rate is negative/bearish for the GBP.

The previous Actual data was 5.25%. The forecasted data is 5.5%. The report is due Friday, November 3, 2023, 18:00 GMT.

Risers and Fallers

-Dow Jones (-1.74%)

-Amazon (+2.60%)

-Tesla (-1.13%)

-Brent Oil (-1.37%)

Dow Jones- The Dow Jones Industrial Average declined by 1.74% in value last week, closing at almost 32,417. The index has not performed well this year, depicting a drop of almost 2.17% year-to-date.

Amazon – Amazon’s stock surged by nearly 2.60% in the last 5 days. The stock has showed a notably positive performance in the past 6 months, registering over 25% gains.

Tesla  – Tesla’s stock depreciated previous week, showing almost 1.13% decrease last week. However, it has performed remarkably good this year, registering gains of over 91% year-to-date.

Crude Oil (Brent) – Crude oil’s price plunged by 1.37% the previous week. Currently, the commodity is trading at $90.07 per barrel.

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