The US Dollar Update

October 16, 2023
FX Street

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.

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