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USD does not fear weak statistics. Overview for 17.11.2023

17 november 2023 - Fx4News

The primary currency pair appears neutral on Friday. The current EURUSD exchange rate stands at 1.0832.

Despite generally positive statistics earlier in the week, the US data disappointed yesterday, dampening market optimism.

It all began with an employment market report. Initial jobless claims increased sharply over the week, reaching 231 thousand, while the indicator stood at 218 thousand last month. The forecast suggested growth of up to 221 thousand.

This could be a local seasonal reaction, or maybe not.

In October, industrial production in the US dropped by 0.6% m/m after a previous increase of 0.1%. The figure was expected to decrease by 0.4%. Capacity utilisation saw a decline from 79.5% to 78.9%. All these factors are the result of high prices, slowing consumer demand, and declining business activity.

These reports have brought investors back to reality. The Fed's rate might not increase, but it will take the economy a considerable amount of time to recover after a phase of tight monetary policy.

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