The Eurodollar traded lower after Fed officials including Chair Powell suggested that inflation still remains too high.
The British pound dollar currency pair fell to a one week low. Better than expected UK GDP figures on Friday only helped to pare losses.
The USD/Yen pair kept rising to hit a one year high. Governor of bank of Japan Kazuo Ueda stated the bank would move carefully in exiting its ultra easy policy.
Gold prices fell last week following hawkish comments from Fed officials. Geopolitically, Israel’s operation in Gaza is ongoing and many hostages held by Hamas have not been released.
US stocks continued rising with indexes recorded their longest winning streak since November 2021. In the earnings season Walt Disney and Virgin Galactic beat earnings expectations. Of over three quarters of companies that have posted earnings, 82% have recorded results above expectations.
Oil prices declined to hit a three month low following more negative data from China. Inventory data from the United States suggested that oil demand in the country was falling. However, Saudi Arabia and Russia reaffirmed that they will stick to current production levels, ahead of OPEC’s meeting on November 26th.