The dollar stretched its rally throughout the first half of the day but changed course dramatically after Wall Street's opening. US government bond yields plummeted with that on the 10-year note, down roughly 20 bps, taking its toll on the American currency. The Several US Federal Reserve officials were on the wires, repeating the well-known message of another 75 bps coming up next, aiming for a top to Fed funds rate between 4.25% and 4.75% in the first quarter of 2023.
Gold prices soared, and XAUUSD trades at $1,660 a troy ounce, its highest for the week. Crude oil prices recovered, and WTI settled at $82.00 a barrel. Technically, the sharp downturns in major pairs seem corrective amid the last dollar's overbought conditions. However, the rallies need to continue in the upcoming session to confirm interim bottoms.
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