The euro fell against the dollar, as US CPI Inflation came in higher than expected increasing the likelihood of a sharper rate hike from the Fed this week.
The British pound fell sharply by the end of the week hit a thirty seven year low against the dollar. Sterling dropped after GDP, inflation and Retail Sales data suggested that a prolonged recession was likely.
The USD/Yen traded upwards over the week, with the pair coming close to 20 year highs as the dollar surged.
Gold prices sank last week to their lowest level since April 2020 on expectations of sharper interest rate hikes.
US stocks traded lower as market sentiment turned negative. On Friday Goldman Sachs cuts its GDP forecast for the US and projects a more aggressive Fed which is expected to increase unemployment.
Oil prices were slightly higher last week despite disappointing EIA inventories data. On the other hand, a potential Iranian nuclear deal appears to be going nowhere, amid the ongoing energy crisis.