The Eurodollar declined last week after German CPI inflation data was published. It posted at 2.5%, in line with expectations. Meanwhile US Inflation data increased slightly to 3.2% supporting the greenback against rival currencies.
The British pound dollar pair fell despite positive news that the UK returned to growth in January, after previously slipping into a short recession at the end of last year.
The USD/Yen pushed upwards and hit a more than ten day high. Recent optimism that better days may lie ahead for the Japanese economy were confirmed by positive GDP data last week.
Gold prices fell after expectations for an earlier Fed rate cut faded following higher than expected US economic data. French President Macron stated that NATO troops might be sent to Ukraine, although NATO and US officials stated this would not happen.
Stocks saw another mixed trading week with tech stocks pulling back. US lawmakers moved to crackdown on Chinese owned Tik Tok, which may soon face a ban in the country. The move caused fears that Tesla or Apple’s operations in China might face retaliation.
Oil prices pushed higher, coming close to a four month high after Ukraine hit a number of oil refineries in Russia with drone strikes.