The US dollar index is trying to continue its growth - 30.5.2023

On Monday, the US dollar index remained largely unchanged. Trading activity was low due to the U.S. Memorial Day holiday and a series of holidays in European countries. Naturally, there were no significant economic statistics released yesterday. This morning, the US dollar is rising and has already reached a new high from Friday. According to the CME FedWatch Tool, the probability of the Federal Reserve increasing interest rates to 5.5% at the next meeting on June 14th, up from the current level of 5.25%, has increased to 61.8%. A month ago, it was less than 25%. The Japanese yen is strengthening slightly for the second consecutive day. Japanese Finance Minister Shunichi Suzuki expressed the opinion that more efforts should be made to strengthen confidence in the yen. Additionally, positive labor market data was released this morning. Japan's unemployment rate decreased to 2.6% in April from 2.8% in May. The Swiss franc is currently weakening due to an unexpected decline in the KOF Switzerland Economic Barometer for May, reaching a six-month low of 90.2 points.

Bitcoin quotes have been trading within a range of approximately $30,500 to $26,500 for the past 10 weeks. It's worth noting that XRPUSD has experienced a good 8% growth over the past 7 days. This could be attributed to progress in the legal proceedings between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs.

Yesterday, the US stock indices were not traded. This morning, their futures continue to rise due to positive news regarding plans by US authorities to extend the deadline for increasing the U.S. debt ceiling until January 1, 2025. Today, economic indicators such as the U.S. Conference Board Consumer Confidence Index for May and the House Price Index for March will be released. In addition, interim reports from Dell Technologies, HP Inc, Box Inc, and other American corporations will be published.

On Tuesday, oil prices experienced a slight downward correction. Market participants do not exclude the possibility that an increase in the Federal Reserve's interest rate could slow down US economic growth and reduce demand for oil. Currently, trading activity is not very high as investors await the release of important economic statistics in China and the US later this week. Additionally, they are hopeful that OPEC+ will refrain from production cuts at the meeting on June 4th. This sentiment among market participants is based on a recent statement by Russian Deputy Prime Minister Alexander Novak.

Natural gas in Europe on the ICE Dutch TTF is currently trading slightly above $260 per 1000 cubic meters. The quotes for American gas at Henry Hub have also dropped below $2.4 per million metric British thermal units (mmBtu). The April lows and a strong support level for gas prices are around $2.