EURUSD: strength required. Overview for 31.10.2023

The primary currency pair experienced a minor rise on Tuesday. The current EURUSD exchange rate stands at 1.0591.

The US dollar weakened against major currencies at the beginning of the week. Market participants are now primarily focused on the upcoming meeting of the US Federal Reserve System scheduled for Wednesday and the employment sector data anticipated on Friday.

The expectation is that the Federal Reserve will maintain a stable interest rate. As usual, the most intriguing aspect will be the speech of Fed Chair Jerome Powell. Currently, the rate stands at 5.50% per annum.

Another noteworthy highlight of the week is the employment report on Friday. Following robust data in September, expectations are high, and a second consecutive month of strong figures could significantly impact the capital markets.

Tuesday remains relatively calm for now. The Federal Reserve meeting begins today, but there is unlikely to be any significant news. In terms of statistics, the Consumer Confidence Index for October by the Conference Board is worth noting.