EUR managed to recover. Overview for 30.08.2023

The major currency pair shows stability on Wednesday. The current EURUSD exchange rate stands at 1.0867.

Yesterday's release of the US Consumer Confidence Index (CCI) for August by the Conference Board was disappointing. The index dropped to 106.10 points from the previous 117.00 points. The forecast had implied a decrease to only 116.00 points.

These statistics mean that the economy is struggling to cope with the challenges posed by the high interest rates. This could be a signal to the Federal Reserve that raising the cost of lending may not yield favourable results.

A substantial amount of significant data is scheduled for release today. The Eurozone is preparing to report on the business sentiment index for August, along with the economic outlook indicators for the month.

The US will issue the first employment market update for August - the ADP private sector employment report. The indicator is expected to reveal a modest increase of 195 thousand jobs, in contrast to the 324 thousand jobs added in the previous month.

ADP data does not typically trigger strong reactions from investors, but this time circumstances might be different. The market's view on the Federal Reserve's future actions is divided, contributing to heightened volatility.