EURUSD stopped falling. Overview for 16.05.2023

The most traded currency pair in the market has stabilised after the preceding decline. The current EURUSD quote is 1.0880.

The focus of the market remains on the US public debt situation. Time is running out: by 1 June, the federal government will run out of money to pay for its spending. Congress returned to discussing the issue yesterday but made no progress.

Today, CNN published a remarkably interesting article on the spending of Americans. Many economists are predicting a recession in the US at the end of this year, but one industry that suffered the most from the pandemic is quickly recovering, returning to pre-crisis levels. This is the recreation sector in which companies are hiring new staff in an attempt to meet the growing demand for their services in this market. This reflects an increase in consumer spending. For a sector that was on its knees just three years ago, these are fantastic results.

For example, in April 2023 the employment index in the services sector of the recreation industry was just 2.4% lower than in February 2020. In April, the sector added 917 thousand new jobs year-on-year. This is a strong gain.

High spending on leisure and entertainment means that the economy is doing well, significantly reducing the risk of a recession.