Demand for the US dollar is rising before our eyes. Review for 15.05.2023

The most traded currency pair in the market continues to retreat. The current quote in EURUSD is 1.0860.

The US currency is in high demand as a safe haven asset. It is being heavily supported by rising US government bond yields. This came after Friday's publication of statistics from the University of Michigan.

The preliminary value of the Consumer Confidence Index in May showed a decrease to 57.7 points from 63.5 points earlier, while a decrease to 63.0 was expected. This drop in consumer sentiment has returned investors speculating about the likelihood of a new interest rate hike by the US Federal Reserve at its meeting in June.

At the same time, the investment world is watching the risk attitude and it is shifting in favour of safe assets. The US dollar is clearly in its place here.

Eurozone industrial production data will be released today and the European Commission will provide an updated economic forecast. In the evening, the US will release data on the net volume of long-term security purchases.