The Euro made some headway today after the US Dollar backtracked despite the Federal Reserve signalling rates will go higher and for longer. Where to for EUR/USD?

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The Japanese Yen got a boost against the US Dollar today after news over the weekend of a possible tilt toward a more flexible monetary policy for the Bank of Japan in 2023.

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The Dow Jones, DAX 40 and Nikkei 225 fell as volatility struck markets last week. Ahead, the US Dollar and gold prices await US PCE data while USD/JPY turns to the Bank of Japan.

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Holiday trading conditions may start for the Dollar and broader markets in the coming week, but the range of important event risk may actually turn thin liquidity into charged volatility. With the debate around a pivot in fundamental and technical bearing for this benchmark, traders should keep a wary eye on this market.

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Despite the depth of major event risk this past week, there wasn’t a clear reconciliation for bearing behind risk assets like the S&P 500 nor the Dollar. We are heading into a well-known liquidity drain over the coming week, but congestion patterns like those from EURUSD are likely to find at least a break – if not a trend.

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