EUR/USD Prepares for Action: Overview for October 17, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/EURUSD_11-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="EUR/USD analysis today" decoding="async" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/eurusd/" data-internallinksmanager029f6b8e52c="35" title="EUR/USD">EUR/USD</a> has gained <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> and is ready to respond to the latest developments.</p>
<p>The major <a href="https://blog.roboforex.com/blog/2020/06/19/how-to-choose-a-currency-pair-for-trading-in-forex/" data-internallinksmanager029f6b8e52c="142" title="Currency Pair">currency pair</a> is currently in a consolidation phase this Tuesday, with the current EUR/USD exchange rate at 1.0550.</p>
<p>The beginning of the week has been relatively quiet, lacking major news or statistics. However, there has been a retreat of the US dollar while the capital markets exhibit interest in risk.</p>
<p>Considerable changes could be on the horizon today. The macroeconomic calendar is set to deliver a significant volume of key statistics, offering substantial material for the market to react to.</p>
<p>Throughout the day, the eurozone will release the ZEW economic sentiment index for October. Projections indicate an improvement to -8.0 points from the previous -8.9 points. This data will provide insights into how the economy is responding to the European Central Bank's readiness to pause monetary tightening.</p>
<p>The US is gearing up for two pivotal releases. The first is the retail sales data for September, with forecasts suggesting a 0.2% month-on-month growth compared to the 0.6% increase in August. A more moderate report would signal that consumers are adjusting their spending considering the high prices.</p>
<p>The second release is the industrial production data for the last month, which might have increased by only 0.1% month-on-month in September after a 0.4% expansion in August. These numbers are relatively weak and could potentially impact sentiment negatively, unless the report's components reveal something noteworthy.</p>
<p>Overall, the US dollar seems to maintain a relatively strong position.</p>
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