Last week, Fed officials continued to maintain a hawkish tone, causing the U.S. Dollar Index to rise sharply, depressing gold prices. Gold fell for the first time after recording four consecutive weeks of gains, and returned to the gains of the past two weeks, with the pullback signal strengthening again.

The USDJPY rose for a fifth straight day and rose to a one-month high on Monday (22nd). However, this upward momentum stalled at the 137.43 level facing resistance from the previous supply area, forcing the pair to give up most of its intraday gains and fall back below the 137.00 level in the European session.

As concerns about the economic downturn transferred to the crude oil market, crude oil has reversed all the gains since the conflict between Russia and Ukraine in late February. The time spread suggests fears of tight supply have eased, while a stronger dollar has also increased resistance to higher crude oil prices.

The number of first-time jobless claims in the U.S. fell for the first time in three weeks, indicating that labor demand remains in good health. A new research report from Goldman Sachs shows " Major economies will not fall into recessions triggered by central bank monetary policy next year". Goldman Sachs studied the first nine countries that tighten their policies, mainly in Latin America, emerging economies in Central and Eastern Europe, and New Zealand. Data are suggesting that supply chain tightening is easing, and core inflation may have peaked in most economies, and evidence so far shows that these economies could avoid a hard landing.

The euro may have strong support near the parity against the dollar, given the lack of economic data on Monday and the fact that it will become more difficult for the dollar to rise for multiple consecutive trading days and approach its all-time high.