The euro fell slightly against the dollar last week to hit a three week low after Eurozone and German inflation came in lower than expected. Traders sold the euro on hopes that Eurozone interest rates may not climb as high as previously expected.
The British pound edged higher against the dollar as the greenback grew slightly against most of its rivals. Bank of England officials reiterated their determination to bring down inflation.
The USD/Yen pair climbed to a two week high after the bank of Japan announced it had bought 840 billion dollars’ worth of government bonds in 2022.
Gold prices jumped to a six month high as risk averse investors continued to flock to the previous metal. A weaker dollar is supporting the precious metal while Gold continues to benefit from global geopolitical tensions.
US stocks climbed last week after the publication of jobs data on Friday. While NFP figures were slightly above expectations, optimism increased after wage growth came in lower than expected.
Oil prices declined amid fears about the state of the global economy. Crude oil data also showed rising inventories in the United States, implying that demand for oil decreased over the previous week.