27thOctober 2023
Friday
On Friday, October 27, 2023,the US is scheduled to release the Core PCE Price Index m/m and the Revised UoMConsumer Sentiment. Additionally, there is a provisional plan to release theTreasury Currency Report on the same day.
USD - Core PCEPrice Index m/m
This release is of considerable interest as it functions as the Federal Reserve's primary measure of inflation. Currency valuation is closely tied to inflation since rising prices necessitate central bank adjustments to interest rates, aligning with their mandate to manage inflation.
In August 2023, prices in the US increased by 0.1%, falling short of the expected 0.2% rise. The annual inflation rate, closely monitored by the Federal Reserve, decreased to 3.9%, reaching its lowest level since September 2021. When food and energy costs were included, prices rose by 0.4% compared to the previous month and by 3.5% compared to the same period in the previous year.
TL;DR
The forecast for Core PCE Price Index m/m reveals an upward trend, with indications pointing to a 0.3% increase in figures.
The upcoming release of the CorePCE Price Index m/m is scheduled for Friday, October 27, 2023, at 1:30PM GMT+1.
Last time, the Core PCE PriceIndex m/m for USD were announced on the 29th of September,2023. You may find the market reactiongraph (EURUSD M1) below:
USD - RevisedUoM Consumer Sentiment
The engagement stems from financial confidence acting as a forward-looking indicator for consumer spending, which constitutes the majority of overall economic activity.
In October 2023, the University of Michigan's Consumer Sentiment Index for the US dropped to 63 from September's 68.1, marking a five-month low and missing market expectations. Current economic conditions and future expectations also declined to five-month lows. Inflation expectations rose to 3.8%, the highest since May 2023. Despite concerns over inflation, long-term business conditions remained relatively stable, suggesting that consumers expect current economic challenges to be temporary. This data reflects growing consumer unease and is closely watched for its potential impact on the broader economy.
TL;DR
Anticipated data for the RevisedUniversity of Michigan Consumer Sentiment is pointing to a figure of 63. This forecast provides insights into the prevailing sentiment among consumers and is closely monitored for its potential implications on economic trends and consumer behavior.
The forthcoming release of the Revised UoM ConsumerSentiment is planned for Friday, October 27, 2023, at 3:00 PM GMT+1.
***Breaking News Update***
Putin VisitsSouthern Military District
Russian President Vladimir Putin visited the headquarters of Russia's Southern Military District near the Ukraine border following talks with China's Xi Jinping. He was briefed on the Ukraine situation by Chief of the General Staff Valery Gerasimov. Russian forces are said to be executing their operation plan. The visit occurred amidst reports of Ukrainian forces crossing the Dnipro River into Russian-occupied territory. Putin had discussed the Ukraine conflict in detail with Xi during their meeting and announced the deployment of MiG-31 fighter jets with Kinzhal hypersonic missiles for Black Sea patrols. This visit followed his discussions on sports development in the Perm region.
The Kinzhal hypersonic missiles have a target range of 1000 km.
