The Eurodollar increased last week after the Fed’s decision to hike rates by 25 basis points was tempered by statements that the bank is likely to freeze rates next month.
The British pound continued to push higher against the dollar. The bank of England is due to meet this week and expectations are a rate hike of 25 basis points.
The USD/Yen pair fell after the Japanese currency saw some safe haven support as investors worried about a potential recession in the US, alongside banking concerns.
Gold prices hit a record high after fresh fears over the state of the US banking sector. Pacwest and First Horizon banks were the latest banks reported to be in trouble.
The earnings season continued. Apple, and Coinbase both recorded better than expected results, sending their stocks higher. By the end of the week more than 77% of results were above expectations.
Oil prices fell last week as investors worried about negative Chinese data and a potential slowdown in US oil demand due to rising interest rates.