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EUR/USD Daily Forecast – 01 November

Tuesday, Oct 31 2017
EUR/USD Daily Forecast – 01 November

Yesterday's session brought Eurozone CPI data. Euro area annual inflation is expected to be 1.4% in October 2017, down from 1.5% in September 2017, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in October (3.0%, compared with 3.9% in September), followed by food, alcohol & tobacco (2.4%, compared with 1.9% in September), services (1.2%, compared with 1.5% in September) and non-energy industrial goods (0.4%, compared with 0.5% in September).

In the US session CB Consumer Confidence figures were released. The Conference Board Consumer Confidence Index, which had improved marginally in September (an upward revision), increased again in October. The Index now stands at 125.9 (1985=100), up from 120.6 in September. The Present Situation Index increased from 146.9 to 151.1, while the Expectations Index rose from 103.0 last month to 109.1. "Consumer confidence increased to its highest level in almost 17 years (Dec. 2000, 128.6) in October after remaining relatively flat in September," said Lynn Franco, Director of Economic Indicators at The Conference Board.

 

There will be no data releases from Eurozone tomorrow. In the US session ADP job and Manufacturing PMI figures will be released. Number of employed should increase to 191,000, while Manufacturing PMI should decline to 59.4. However, the focus of the session will be on Fed's interest rate decision and the following statement.

 

Figures to watch:

 

Caixin Manufacturing PMI (Wednesday 2:45)

ADP Non-Farm Employment Change (Wednesday 13:15)

ISM Manufacturing PMI (Wednesday 15:00)

Federal Funds Rate/FOMC Statement (Wednesday 19:00)

More in this category: « GBP/USD Daily Forecast – 01 November AUD/USD Daily Forecast – 02 November »

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