Euro is in demand. Overview for 03.11.2023

The primary currency pair is rising this Friday. The current EURUSD exchange rate stands at 1.0628.

Following the conclusion of the US Federal Reserve meeting and the release of all available information, investors' sentiment towards the dollar waned. The market has shifted its interest towards risk. In this context, the euro and other currencies are performing well.

The final PMI values in the manufacturing sectors of Germany and the eurozone turned out slightly better than expected. Germany's indicator rose to 40.8 points, surpassing the previous value of 40.7. For the eurozone, the index increased to 43.1 points, exceeding the expected 43.0 points.

These statistics are relatively neutral, indicating a gradual improvement in market sentiment. However, full-fledged optimism is still some way off.

US factory orders increased by 2.8% m/m in September, surpassing the expected 2.2% and the previous figure of 1.0%. This is good news, suggesting that the industry is adapting to the new realities.

Today is an important day because the US will publish a block of statistical data on the employment market. Forecasts are as follows: the unemployment rate for October is expected to remain unchanged at 3.8%, and average hourly earnings increased by 0.3% m/m. Nonfarm payrolls are expected to expand by 178k, following a gain of 336k in September.

Stock market volatility will rise in the afternoon.