The US Dollar index has reached above the May high level of 105.00, as the higher than expected US inflation pressures the Federal Reserve into hiking interest rates.
This week, the cryptocurrency market experienced a broad sell off, during which the total value of the market declined below one trillion US Dollar value.
During the last week, bond funds had experienced the biggest weekly outflows in four weeks.
At the start of Monday's US trading hours, US stock indices started the week with a gap down, as the previous week's sell off continued.
Market participant surveys indicated this week that the Bank of England would continue to raise interest rates this week for the fifth time in a row.
The German Bundesbank has increased from 3.6% up to 7.1% the inflation forecast for inflation in Germany in 2022.
Citibank has announced that it expects the Swiss National Bank to hike its base interest rate by 0.25% with the June 16 policy statement.
The International Monetary Fund has stated that it would further reduce its economic recovery forecasts for 2022. Meanwhile, the World Bank and OECD have already decreased global GDP expectations.
This week, major US retailers like Walmart and Target started to cut prices to get rid of the inventory in their overstocked warehouses.
The Bank of England has commented that top United Kingdom banks are no longer considered too big to fail. Namely, they would not be bailed out during a recession.
Reuters revealed this week that its sources had informed the news agency that Tesla output in China had been larger than indicated by the CEO of the company.
In May, Chinese imports of crude oil had increases. However, it has been revealed that refined oil product exports had declined over the same period.
This week, the ECB hosted a press conference and published its monetary policy statement. The central bank revealed that it would hike by 0.25% in July and most likely in September.
Reuters revealed this week that Qatar had chosen Exxon, Shell, Total and Conoco for a massive expansion of the liquefied natural gas sector. The project would see the Qatar output to increase by 64%.
The Campbell Soup Company announced on Wednesday that it expects its annual sales to increase. The news caused a surge of the company's stock price.
At 11:45 GMT, the European Central Bank caused major Euro volatility by issuing their Monetary Policy Statement.
The Australian government regulator has accused Airbnb of misleading its customers on pricing.
This week, the US Treasury Secretary Janet Yellen stated that inflation in the US is set to remain high.
The EUR/JPY currency pair reached a seven year high level at 142.84. The surge has been attributed to the various monetary policies of the ECB and the BoJ.
Reuters revealed this week that Qatar had chosen Exxon, Shell, Total and Conoco for a massive expansion of the liquefied natural gas sector.
The share price of Credit Suisse plummeted more than 6.00%, as the bank announced that it had suffered losses in the second quarter of 2022.
Prior to the European Central Bank rate statement, on Wednesday, European stock indices declined due to the expectations of a stronger Euro.
The US Commerce Department revealed this week that the government is set to use a new strategy to restore international tourism, which was hit by the Covid-19 pandemic.
The Bank of America announced this week that it expects the European Central Bank to hike rates by 150 points, during this year. Previously, the bank expected a 100 point hike.