Euro/dollar is showing improvement. Overview for 29.09.2023

The major currency pair appears more robust on Friday. The current EURUSD exchange rate stands at 1.0580.

After hitting local lows, the euro/dollar rebounded upwards. However, as the global context remains unchanged, this rebound may be temporary.

The statistics published yesterday presented a mixed picture. The final calculation of the Q2 GDP in the US revealed economic growth of 2.1% q/q, in line with the previous estimate. The forecast had suggested an increase of 2.2%.

The weekly report on initial jobless claims in the US showed a slight increase to 204,000, up from 201,000 previously. Everything is steady here: the employment sector in the US remains strong and stable.

However, the real estate segment is sending mixed signals. Pending sales in the US existing homes market have dropped 7.1% m/m whereas they have seen an increase of 0.5 m/m in the previous month. The forecast had expected a 1.1% decrease. These statistics reflect the number of signed home purchase contracts that have yet to be paid. This could serve as an economic cautionary signal: while there is available immovable property, prices have reached prohibitive levels.

Today will be rich in macroeconomic data. It is advisable to monitor inflation figures for August, as well as the personal spending and income statistics for Americans.